The market continued to trade higher today and volume was on the light side. The day was a success once again because the economic data didn’t disrupt the investor psyche. Tomorrow may be a different story with the jobs report. However, I believe many are expecting the number to be bad and the estimates are for 110,000 lost jobs. The private sector data is not improving and not expected to improve for August. That all said, where do we go from here?

1100 is the first place and from there investors will have to deal with the frustration of resistance. But, 1130 is are reasonable target for the bounce withing the range. To move higher is going to take a catalyst bigger than China showing solid manufacturing data. Patience in playing this is key, and we will continue to maintain our conservative approach and focus on what works in volatile markets.

Visiting our watch list below we did see a solid bounce in crude oil gaining 1.4% on the day. USO returned to $33.50 range and a move higher would be positive for the commodity.

FXI hit the entry point today as it followed through on the upside. We have to give some room for volatility on the stop and we will make the necessary adjustments as we move forward.

EFA hit the entry point as well and the same logic applies here as the holding period is longer term.

IEZ moved higher along with crude to provide the entry point as well. The time frame is longer term as well and we manage the positions accordingly.

Facing a long weekend and the bounce in play we will look at what additional plays to add heading into next week.