Markets been moving up on very bad economic data. Markets had a very nice rally which was the good rally I was expecting when we were around 1170s in SPX. I called for a move to 1200-1210 before the big move down and we got a bit higher than I expected. Now we got a nice test of previous highs and I think the wave C down is comming next.
I got long some CYCC before close 1.8 and they had great results this weekend - watch this little one could really take off on these news.
Overall I expect a move down in markets, price/action will tell me if its a real move to the downside or just a pullback. I trades the euro/usd from 1.3 to 1.336 and went short Friday and long the dollar. My target for the dollar pullback was 79-80 before its heading higher again.
The EUR/USD made a move to its fib retracement and backtested its broken trendline so I'm watching for the eur/usd to plunge back down next week.
Overall the levels I am watching is 1196-1200 area as we should be down there monday/tuesday next week, either its a pullback or we just flush below these supports. If the support is going to hold around there, then get ready to buy the dip !
If not then just hold your shorts.
So overall I will be looking for 1196-1200 early next week , the US dollar should fly again. Its going to be interesting on Tuesday as we have bankrun day in Europe, I am overly bearish on financials at the moment and think next week will be pure blood in the streets for financials.
Have a nice weekend
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