A close for the Midcap (M) over 952.10 today would confirm a short term low in stocks. Closes above 1287.75 in the SPM June Futures will have us cover our short S&P futures via either selling our long ETF’s or buying our short S&P 500 Futures.

I am much more bullish the commodity space.

The one chart that I have mentioned before that seems to line up with interim highs and lows in the equities is the Rare Earths ETF..(REE). This is an instrument first brought to our attention by John Thomas ( The Mad Hedge Fund Trader) last year. It’s been very profitable on several occasions leading to huge gains. I want to start to accumulate a small position in this instrument again using a stop below 9.50 close. It is now trading at 10.10.

JJG..a close tomorrow over 55.26 and we will be long a full position in this Grain ETF , heavily weighted toward Wheat.

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