My take on the market.... too bad it was'nt from me.......But a man whom is muck more knowledgable.
The good news is that today's close won't be dull. The bad news is it's a toss up as to which way this market will go into the close. The yen broke the bulls backs this afternoon. Once the yen futures broke out to new highs, stocks got crushed and multiple -1000 $TICK readings beat bulls into submission. I think they got every last stop on any long day trades. This doesn't mean stocks can't rip higher into the close. It's just . . . can they? The yen breaking out is a very bad thing for bulls. There is no two ways about it. The 1.0450 level is a big one, and the initial slam into this level met with selling. This close for the stock market will be very simple. If the yen holds on this pullback and bounces into the close, taking out the days high, this stock market is going to get beat like a red-headed step child with an attitude. If the yen can quiet down and ease back into the close, then stocks can muster up a rally. It's really being that dictated by the yen right now. Stocks want to rally . . . but they can't if the yen starts moving higher. 1635 on the ES continues to be a key level. We broke through it earlier today on what was a very impressive rally off the lows. If the yen quiets down, and bulls manage to push stocks back up through 1635, then we are going to hit 1642 very quickly. On the downside, 1620 is key. If that gets taken out, then it will get very ugly, very quickly. This is admittedly a tough one to call. I've found in 2013 it's been better giving bulls the benefit of the doubt, and I will extend them that courtesy here . . . while keeping one eye on the yen. Look for bulls to give it the college try into the close.
