Friday Ideas

Since the 18th, there have been two gaps. I'd like to see a 3rd to mark the end of this run from 1294.70 on the S&P. I thought there could be one this morning, but it's looking doubtful. Perhaps we can get a double top with yesterday's price. There has been a persistent slowing of breadth this week as we've gone higher.

If not, I have a higher target area surrounding the 1365 area +/-. Lower lows in the US dollar could be forthcoming, but it feels stretched. It wouldn't surprise me if the market closed on its highs this week and a correction started next week.

Turns out I have gotten another chance with the Swiss franc. I am giving it a hard look now and may start a small short position (long USDCHF) and will use the same hedge strategy that I used with the Canadian dollar, which I continue to hold for the moment. Continuing to eye silver too as a proxy for risk appetite.