Hello Everyone, Friday is likely an important inflection point for the market and thus I also recorded the newsletter as a Youtube Video

- CLICK HERE to watch the Youtube version - best to watch in full screen and set the resolution to 1080

- CLICK HERE  to open the standard webpage newsletter format with chart links

Trade Ideas - added UPRO, SCO, RXDX, FXY, GLD (short)

- S&P 500 CAPS FIRST-HALF PLUNGE OF 21% WORST SINCE 1970 

- NASDAQ 100 FINISHES FIRST HALF DOWN 30%, MOST SINCE 2002 

- TESLA QUARTER IS WORST EVER

- AMAZON DROP IS DEEPEST SINCE 2001

Market Observations:  Friday is likely an IMPORANT DAY / inflection point for the market! 

The market opened very weak with a large gap down (clearly did not hold the retest of that inverse H&S pattern). The SPX sold down to a low of 3739 before quickly rebounding. By the way this low was just shy of the 61.8% Fib retracement off the recent major lows to the 3946 highs, always an important area. The market weakened in the afternoon after a decent bounce off this area and the SPX closed around 3785. The market is at a major inflection point here where it literally could rally sharply right off this area now like tomorrow with a gap and go.  You have the possibility of having completing an (abc) pullback this morning at the lows and it would go up sharply from here.  Or it plunges instead and we are off to new lows. Probably not a bad risk/reward to have gone long near the close with a stop, only problem is gaps these days. 

- Monitor Bitcoin as that's what spooked the market this morning. 

- 20 year Bonds were strong and so far have a low in place from the weekly doji candlestick 3 weeks ago

- Commodities: Crude Oil, Natural Gas, Agriculture, and Precious metals were weak today especially gold miners with GDX closing through the recent lows.