The market recovered nicely from the wicked dumping we saw this morning in $AAPL. Into the close, I still believe the daily candles that are on the verge of printing should be respected as possible indications of a correction. However, I made no changes to my portfolio today, as I believe situations like this are designed for traders to trap themselves by jumping to conclusions too soon. If, indeed, today’s assortment of hanging man candles are the beginning of bearish reversals, then that fact will become obvious in the next few days.
The bull case is that today marked a mere consolidation. To support this notion, take a look at the currency pair which is arguably the best gauge of risk appetite in the world: the Aussie Dollar versus the Japanese Yen. This looks to be a bullish setup, and if the Aussie breaks out I would expect all economically sensitive risk assets to flourish, namely equities and commodity related stocks.
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![AUDJPY](https://s3.amazonaws.com/ibankcoin/40/files/2010/09/AUDJPY2.png)
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