Indices 20/06, page-153

Good night for the bulls Some green is a breath of fresh air given the amount of red we've had to endure. Still not sure where it goes from here. My 2 most probable scenarios are:

1) Some more upside (with some flat and down days in between) until the next big data drops come out (RBA interest rate decision, US GDP, CPI).

2) Mostly range trading until we get the above data.

I think the market is expecting and has priced in 50bps rise from the RBA. Any less or more will be bad news. A lower CPI print in the US will be a short term positive, as will a GDP report that shows positive growth; i.e. Not a technical recession yet.

All of that being said, im still expecting a large sell-off in July or August, and that will be driven by poor earnings or bad data. But there could be a bit more upside before that happens. Ive closed off some longs this morning before close to take a bit of profit and de-risk. I dont trust this market.