12,600 was taken out, and we had 150 point bounce above that. Depending on where your stops were, you are either still short, or you got stopped out for a small loss.
I was stopped out of 2/3 of my position, but luckily, my last stop, set up at 12,802, was never triggered.
I am adding to shorts below 12,500.. I have a down side target of 12,373 and then 12,286.
I think if we might have seen the trading range established for the next 8 weeks, unfortunately. In 6 weeks most of Europe goes on vacation. That typically slows down trading, which pics up again w/ a vengeance in September, and then every Bear’s favorite month, October… Heading into an election in November could spark volatility, but in my opinion, we’ll see stagnation as people dig in their heels and wait and see.
The grains continue to rally. Its a weather market.
Tuesday, tomorrow, we have a USDA. Speculate accordingly.
That is all for now.
CER
