Stock Market Update - June 23

The market took a break today in what seems to be like either a micro W4 consolidation or the start of a correction. Maybe since summer officially started over the weekend, we'll finally see some bears wake up? I don't expect much upside from these levels without a decent correction, so I am still holding to my volatility position. I did however sell oil to position trade, apparently oil has continued to flow despite ISIS capturing one of the largest oil fields. Another position I am considering is long Silver and/or Gold if they test their 50 DMAs, it's a lower risk/high reward set up imo.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.