Markets are trying to put in an intraday bounce. This will be one of the rare times you will see me sight the dollar action as an impetus for stock market direction. The dollar is rallying hard. It’s not the direction or the magnitude of currency movements that causes me sit up and take notice, its always the velocity of currency movements. That is, extreme short term volatility can indicate something underlying that actually matters.
Regardless I’m not making any trades today. You guys know I set us up for this last week. Don’t forget this week’s live Q&A chat at 2pm EST. I might be a couple minutes late, but I’ll be there ready to rock!