There is a lot of movement in equity last few days, with straight down and up.   I expect a little bit more bounce in near term with some back and forth.  S&P 500 might be able to bounce back to 2110 sometimes next week.  Small cap index underperformed recently with deeper downside and litter bounce, and this underperformance can last a while longer.

I grow more cautious recently with the sale off last week, and it feels somewhat different to the ones in last few months. Even with the bounce I won't be able to trust it long. There will be some volatility for the rest of the summer, and August will not be a slow month this time. I see several great set up for some trades next month, and another money making opportunity is coming. So now I will wait for the price action in next few days to confirm it.

What a difference with only one week. Equity has another V-shaped bounce with Nasdaq going to new high. I think this bounce still has leg, but the next leg up will be much narrower. There will be some pullback this week, but any pullback will be bought, and any more meaningful upside will be sold.  I will use 2110 to 2140 as the range for S&P500 this week.

With technology stocks going up so quickly last week, it's difficult to find any better entry points at this time. If you want to chase, facebook FB is the stock I think still has plenty room to run.  I have $110-$115 as the upside target for it.   There is also some stock in my sell list, netflix and amazon has been running too high in last few months, and I will look for some opportunity to buy puts on it.

Even with equity's quick bounce last week, oil and euro has been down for the week. I think crude oil should be able to find some support around $50 at this time, and it's ready to bounce to at least middle 50's. Euro should also be able to bounce, but I don't have strong view on it.

I am amazed by the market's intraday swing these two days.  The high volatility will last for a few more days and weeks. In short term, S&P 500 might be able to bounce to 2090/2100, but once it gets there I still think it will pull back to below 2040 sometimes before the end of July. Maybe at that time equity market will finally bottom and can get sustained bounce. So for now I will short when ES go to 2090, and buy it when it drops to 2030/2040.  It's trader's market for now.