This is your typical bull market summer day. Volatility is in the mid teen's, no economic data and the bulls are still clearly in charge. It defenitely isn't a good sign for the bears if our down day after 500 points of going up is around 10 pionts.
I could definitely use some soft economic data and a few down days, but not srue there is a reltionship between poor economic data and down days.
We have weekly claims staying well above the 400k mark, meaning little to no job growth (again), but this time, the forecast of 85k jobs scares me. Why? Because we could see a 100-150 print which will look GREAT! compared to the estimates, but overall, very, very paltry and unmeaningful in the long run.
So with the massive run up in equities last week, are we seeing some sectors get top heavy?
I am focusing on percentages gained and USO may be ripe for a bear call after we caught in on the long side by selling puts and now I want to see if the rubber band has stretched too far to the upside. Look at this 10% move:
Past performance is not indicative of future results
In the forex markets, the dollar is a bit stronger against most currencies, but overall, it is an "inside day" with very quiet ranges during the American session. Again, the first paragraph mentioned quiet markets, so trader discipline is key. Are you going to bang away today or in a few days when we have unemployment data and the opportunity (no guarantees) for larger trading ranges.
Happy Trading and Be Environmentally Cool!
Online currency trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose
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