Talk about a turn around. Yesterday proves why trading in August is really tricky. Market put in a huge rally out of nothing really.
S&P has put in a new year high. Euro reversed losses and returned towards the 1.2380 high.
Markets now look really good this morning but rather than chasing every mood swing I need to be carefull. We are heading back to a bear market in September but while markets are thin due to summer we need to be wary of these rallies.
Maybe we need the politicians to come back from holidays so they can put their foot in it!
I am jobbing the ranges in really small stake size at the moment.
Target for S&P is 1419 and support is 1410
Euro 1.2400 1.2330
Keep the trading small untill we get a firm handle on this market.