J.R.'s Weekly Wrap...the long and short of it.

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Do you want to be long or short? Wednesday's price action did a nice channel bounce from the 200ma down to the 30 and 50mas. The conviction then stalled on Thursday and Friday even though we closed 0.75 below the 1080. So that puts us right back in the middle of the big channel again as you can see on the weekly as well. The monthly shows us a higher high so far and only a half piercing low into last months bullish candle but then again we are only half way through the month yet. So what's Mr. VIX say about all this? Well he is not happy but just being his old grumpy self. As long as he stays within the gray channel we can get along just fine. Long ?Short?  Does not matter as long as you trading to trade well.  Trade it as YOU see it. Enjoy, J.R.