Afternoon Update

I sold 1/2 of my $ERY position around $20, and moved my stop to my original entry. I also covered my $BIDU short for a nice chunk of change, and now plan to sit idle after trying a NFLX long for a quick loss.

Where is the market heading next? It’s anybody’s guess. Breadth is weak and so are the bulls. The dollar is flagging out here and I continue to watch it for clues on market direction. Strong dollar = bad for stocks. Here is a current chart of the dollar index, $DXY:

The dollar continues to look bullish on a daily timeframe with support around 76.50. A strong dollar could crush this market so make sure to keep it on your radar.

I will likely sit out the afternoon chop and plot my next move in the final few hours of trading.