Closing Commentary

From what I can see, the minutes had very little effect on anything seen earlier today. It still looks like a decent chance of a USD/JPY short term pullback perhaps with Index futures following, this could even be overnight. However the probabilities of the market bouncing higher seem very high. At this stage it's not a trade I would piggy back off, I may feel different if there's a pullback scenario and set up that is well timed with good signals, but for now, I would continue to consider this the oversold bounce we have been looking for and I don't think it is at all done, but I do think it ends badly for the market making it a great opportunity for trades to come to us just as NASDAQ biotechs currently are, exactly in line with expectations and nearly exactly the way the IWM range bounce went down.

Other than the minutes not seeming to have anything to do with the signals seen earlier today, there's not much else new to report. I'd consider the short term possibility of a pullback just that, a possibility and if it gives good probabilities for a piggy back trade, then we'll cross that bridge when we get there, otherwise, I'd stick with the larger theme we've been looking at this week, an oversold bounce that we can sell/short in to, an opportunity.