Outside reversal months:

DXY…..dollar up

USD/NOK

GBP/USD

EURO

USD/SGD

USD/ZAR….With a double bottom on the monthly 67660

EWA….downside

EEM…..downside

EWZ….downside

DSX…..downside Euro Stoxx 50

VIX……upside

In short this is painting a relatively bleak picture for the emerging markets

in general.

Keep a very tight leash on the Aussie and your stops working!

There is a monthly double bottom in place at 95.40. A violation

will more than likely equate to a sell off in the U.S. equities and a much lower

Aussie.

We bought the Aussie against our yen shorts, which are almost 3 figures in the money,

and our long SDS position. We also sold 30yr. Bonds “bought TBT’s near the low of the day”

We’re spread. There is nothing to do except leave your stops alone and let the market

tell us which one is right. There is economic data out tonight in Australia and China. Hopefully

we’ll have a better handle on which patterns are real tomorrow.