Morning Thoughts August 23

Yesterday’s intraday reversal off the lows felt weak, the test is this morning…will we see follow-through weakness from Tuesday?

For now we remain short SPY and IWM.

Two stocks to watch:

Biglots (BIG) with its big gap down this morning may eventually have room down to the $35 area.

CMG is on the verge of a move in either direction, keep it on the radar.

EUR/USD still moving higher off the breakout..if it continues equities should have  a hard time selling off

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