A.M. Update

Good morning,

Remember I'll be posting on both sites today, our current site, http://wolfonwallstreet.blogspot.com and our new site http://wolf-on-wallstreet.com

You should also be receiving emails from both sites today with a slight delay from the new site as I'll be posting on the original site first and Copy and pasting over to the new site just to make sure everything is working properly. You can log in to the new site and adjust your email settings, where you want them sent, what categories you would like (or all), change your password, etc. I covered some of this last night with links to more information, ***IMPORTANT*** NEW WEBSITE TRANSITION.

You can still reach me at my normal email, but if you have any issues with the new site, please send emails to Support@Wolf-on-WallStreet.com.

Ok so globally PMI's or the new Chinese version of them since Markit was kicked out of the country, came in horrible pretty much world wide. Asia closed red, most of Europe is light red right now and US futures are seeing a divergence again which has persisted between the major averages for nearly 2 weeks now with some rotation. This time it's the NASDAQ pulling away from the others for obvious AMZN earnings reasons, but the same thing observed yesterday pre-market, selling in to price strength was observable again this morning.

 ES 1 min distribution in to overnight strength,

 NQ 1 min is seeing it a bit later in the wearly morning hours, but there it is as well as TF.

 The 5 min charts are still in line with the downside which they have been for a majority of the week or in some cases leading the downside slightly, not the large divergence I prefer for new positions, but it has served us well this week as far as last Friday's week ahead forecast, which has been right on the nose.

5 min NQ

5 min TF.

As for the USD/JPY, I don't see any strong signals that it can lead much, it has been in a choppy range most of the last 3 days and continues to look like that this morning.

However yields are falling even further which acts as a magnet for the market typically although today is an options expiration Friday which generally means price is pinned near Thursday's close until about 2 pm when the market starts giving us good information and price tends to move randomly. Last Friday's price action was way off from this week's in the last 2 hours.

As for the charts that matter for the bigger picture, the 10 min charts remain leading negative like ES above.

As do the 15 min, 30 min,

And the 60 min.

In other words, our bounce cycle and the call we had entered stage 4 seem to be right on. If we get a bounce we'll try to use to to the best of our ability, but the real bounce was from July 10th and we did use it entering and adding to short positions that have been working for us on the downside along with the shorts positions we have built.

Don't forget, duplicate emails today is normal.