Time to Bounce…

I’m expecting a bounce now for a few days… maybe into Monday?  We hit the target of 1040-1050 area as I expected.  Since there is a lot of support here, and the auction tomorrow and Friday, I expect the dollar to fall for a few days.  The market should rally up to 1070-1080 range, but it might not make it that high?

The jobs numbers Friday could be bad enough to stop it from a big bounce, but a small bounce is coming soon.  Tomorrow could be a flat to up day, as the market finds some support here around 1040.  Any bounce is just another opportunity to short.

I’m expecting 1020 or maybe even 998-1000 by option expiration.  I’ll be looking to go short again next week… probably Monday or Tuesday, as I expect that to be the end of any bounce that we might get.  It could continue down tomorrow, but we’re pretty oversold here, so I’m really expecting this to hold for now.

Red

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1. Almost ready for a bounce…