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Chart of the Day

| 50Pips
“Every day you may make progress. Every step may be fruitful. Yet there will stretch out before you an ever-lengthening, ever-ascending, ever-improving path. You know you will never get to the end of the journey. But this, so far from discouraging, only adds to the joy and glory of the climb.” – Sir Winston Churchill
Details on the bigger picture into month-end were discussed in our: Latest Weekly Outlook Video. Furthermore, if you missed it, you can also watch our Looking at the Euro update too.
Today we’ll be discussing financials and more specifically GS. Remember that on top of NFP, as we move into the weekend, we still have a lot of headline risk building (Italy, Spain, Tariffs, DB etc..).
As always, there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Wishing you a great day ahead.

More Cracks

| 50Pips
“We are too much accustomed to attribute to a single cause that which is the product of several, and the majority of our controversies come from that.” – Marcus Aurelius
We have been taking about these developments for quite some time; retail, energy and now, it’s time for financials to break…
Link to our latest weekly outlook video and supporting charts.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.

Going Both Ways

| 50Pips
“Yesterday I was clever, so I wanted to change the world. Today I am wise, so I am changing myself.” – Rumi
The market tends to be very good teacher but only for those that a willing to listen and patient enough to sit through enough cycles. We have tried to be very clear on what we think is trying to shape up and at what point we are in the current rotation. As always, we have updated our thoughts in the latest Weely Outlook Video.
In terms of recent action, we really can’t complain. We are getting some two-sided action across the board and as traders, this is all we can ask for. Bonds and Gold continue to be the tell and VIX has finally woken up. We continue to expect choppy action and a press into the high teens, ideally into the 20s.
In terms of equities we have repeatedly warned about the action on IWM and XLF, so instead of posting those charts again, we thought is would be interesting to draw your attention to GS which is what we will be looking at for clues now.
In closing, last but definitely not least, don’t forget to keep an eye on DXY and this key support that is being front-run; we would not be surprised if Monday marked a pause of this USD selling, at least until the back end of the week.
If you are interested in attending a morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.