Morning Brief Thursday July 5, 2012

Good Morning. Today is a huge economic data dump. There is no other way to describe. Adding to the mix is an ECB meeting pre-market. And to complicate matters further this all precedes Friday’s non-farm payroll report.

Unfortunately in a holiday shortened trading week volume will once again be rather light allowing computer algorithms to do what they do best. Seek and destroy stops (there is literally an off the shelf HFT program called seek and destroy).

I continue studying the prior two analogs recently shared as well as prior trend reversals. And I come back to overwhelming evidence that we are in the process of forming point B. Where the final retracement ends we simply do not know. In hindsight (which is of no value today) we will be able to find a fibonacci level or trend line but right now that level is simply unknown.

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