Let’s just say the day …

Bottom Line: Let’s just say the day caught most by surprise.

The Dollar had plenty to do with the session’s profit taking and that really is why it did what it did. If the Dollar stays firm, this tape (at least for the very-near-term) is going to use this as an excuse to take even more chips off the table.

We on the record for a number of days, if not weeks, saying a trading top of consequence is close at hand. Today really felt (really felt) like there was a rush to buy and the last guy is in.
But even if we are correct, it doesn’t mean we collapse right from here. Rather, we still think there’s more dip buyers to trap…and we do really believe this is what we see.

For tomorrow, we are looking for early weakness to firm and once it does, another attempt back up should unfold. Let’s call it a range ($1155 to $1175) for the next few days, as we approach the end of the month (quarter).

Our trading portfolio had a good day, as nearly all of our longs were up and nearly all of our shorts closed down…something that’s not easy to do. That tells us we are well-balanced and in the right names. We’ll look to add tomorrow, likely more longs than shorts.