Short wrap tonight since the market pretty much followed the script. Ergo, there is nothing new to add to the literature. I know a lot of people are going to be looking at the apparent hammer reversal on the S&P 500 chart and claim a low for the move has been printed.
However, these traders will be disappointed. The market gods were doing nothing more than defending the 65DMA, and we may be setting up for the 2-day crawl I was hoping for. Besides, volume was not substantial enough to qualify the reversal as a hammer, nor was the reversal even strong enough. Generally, a greater penetration of the previous down day is desired.
Oil and natural gas continue to get clobbered while precious metals had a mildly negative session after being down more strongly in the early going. I am still holding my breath for a panic sell day in silver.
My posts are going to become a bit irregular through July since I will be on the road again, but I will be around as much as possible.