Friday- Navigating The Choppy Waters

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May 31st – Waiting For The Fat Pitch

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SPX TUESDAY - Break outs often 'back test' the break out, so I mentioned that this drop Tuesday was possibly just a back test. General Markets would be a BUY with a tight stop at this point.  ( UPRO, TQQQ, ETC).

SPX YESTERDAY -  SPX broke back above the 10sma and that was likely a perfect back test. This is a buy, but we really want to see this move higher quickly. That may have been a 1/2 cycle low.

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Wednesday May 30th

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After my long weekend report, I was planning on just a quick cover of the markets and then discussing various Miners.  That plan changed a bit when the market action also changed a little bit. I received a few emails discussing concern over Italy leaving the Eurozone, and problems with Greece, the Euro, etc., and the possible affect on US Markets,  so now I'll  just briefly discuss this and a number of things...

   

SPX - I'm looking at 2 things here. Yes,our General Markets dropped a bit, but if Italy and Greece have problems, the US markets could also be considered a bit of a safe haven area. Money could eventually flow into these as an investment, so...

1. If this reversal at the 50sma holds here, this is a nice set up as a low risk entry. It looks like a back test of the recent break out too.

2. If it closes below the 50sma, I would be concerned that things could be breaking down and would become more cautious until things settle down.

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