FEELING OUT - It's just one of those weeks where you are better off finding something better to do than watch the market. All we have seen all week is choppy consolidation. The market is lacking in direction and there is no point jumping in. I wish I had some compelling new trade to pitch you all, but I just don't. For the most part, what's going on right now is you have a Dollar that has gone through a nice correction, and Dollar bulls are trying to reassert. But at the same time, you have a good chunk out there who believe the Dollar still has more to fall and some that even might think the Dollar has bottomed. Now throw in lack of clarity on timing for a Fed liftoff, and well, you see why we are getting the price action we have.
LEVELS TO WATCH - The good news is, this never lasts that long and before you know it, the market is on the move again and fresh opportunities come calling. Just make sure not to trade before you know it. Looking at the market, I think EURUSD can run to 1.1535, GBPUSD can run to 1.5900, and USDCAD can drop some more to 1.1865. Once, and if we get to those levels, I think that will be the first compelling chance to look to buy back some Dollars. Until then, best to wait. The only trade I have open at the moment is the same short SPX500 short from 2116 I have had on for the past several days. I'd like to see this trade get going, but am also happy to be patient with this one. If there is a trade out there you really like and want to share, by all means, please drop me a line, would love to take a look.
This analysis is for informational and educational purposes only. This is not a recommendation to buy or sell anything. MarketPunks is not a financial advisor and this does not constitute investment advice. All of the information contained herein should be independently verified and confirmed. Please be aware of the risks involved with trading in currencies, stocks, commodities, cryptocurrencies and sports. Do not trade with money you cannot afford to lose. It is recommended that you consult a qualified financial advisor before making any investment decisions.
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