Hello Everyone,

Here's a link to Tonight's Newsletter.

Brief comments: This is an audio newsletter, please listen to my audio overlay for my detailed thoughts and review, so I'll keep my written comments brief

As you know it was a very wild and emotional week. Most of the major indexes made their wash out lows on Monday morning (except for the IWM Russell 2000 small caps that made a new low on Friday), and then proceeded to trade in huge ranges mostly inside of Monday's range. In my newsletter on Monday I stated my opinion that Monday's lows for the SPX was likely the low for the week and that ended up being the case. On Friday the market was quite weak in the morning and the early afternoon, however came roaring back the last 1.5 hrs of Friday afternoon with a monster rally into the close - the SPX rallied 100 points over the last 1.5 hrs on Friday afternoon for example. 

What I'm looking for this week: During the week I favored Monday's low being some sort of tradeable low, which the first move up as a wave A, and I favored a wave B pullback higher low, followed by at least another wave higher in a C. I'm still favoring this scenario with more upside for the SPX to 4500 - 4600 area.  Keep in mind that the bounce off the lows could still be a bear flag (but I don't favor that unless we start selling off hard right away), or an even more bullish scenario where the SPX could still make a new high. The SPX closed 4 points below its 200 day MA and the 9 EMA is just below. The QQQ and IWM are still quite far from their 200 day MA's of course. For now let's see what unfolds this week.

Precious metals had a very disappointing week as well as precious metal stocks, reversing the positive look they had the previous week. The US Dollar was very strong, and still looks strong. 

We are in earnings season and have a slew of earnings: Last week AAPL shined, this week we AMZN and GOOGL and many others


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