Midday Missive

Spu’s…just double topped on the Point & Figure chart.
All new price action is needed over today’s high for more up.
Spu’s have to close below 1995 to think there will be any pattern damage.
It will be a late day time frame trade.
Profit taking is starting in Biotech which has been the leader of the entire rally, however that looks limited to around 270
Make sure you have trailing protective stops on your long positions that you can live with.
Sector rotation is big with every instrument, an island unto itself.
EURO…127.50 is the next macro qtrly area.
EUR/AUD…136.40 is the matching area.

GBP/USD…the original upside breakout was 162.50 last Oct. i expect the pound to revisit that level.

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