Commentary: Paul Ebeling On

This is a short week, all US financial markets are closed Friday for Independence Day.

The US market is facing some headwinds, Wall Street is keenly aware of the world.

The Shanghai Composite dove to marks more than 20% below its 12 June close of at 5,180.51, meeting some investors’ definition of having entered a Bear market. Hong Kong’s Hang Seng Index fell 2.8%, and a gauge of Chinese companies listed in the city retreated 4%.

Greek officials will let the people decide, to pay or not to pay.

Puerto Rico’s Governor Alejandro García Padilla said that the island’s “is not payable” and that creditors should “share the sacrifices” imposed on residents, it owes $72-B.

rate hikes sooner than later, I say later.

Some leading stock groups were under pressure to end the week and the futures are down sharply early Monday.

Internet stocks and biotech stocks looked up, but the Wall Street needs new leaders in here, if they come on the market should rally, if not, then we see the selloff many are predicting.

The NAS 100 is testing over its 50-Day MA, as is the has given itself a chance at the 50 day EMA, if they break then the market moves due South.

There are some good patterns but, the Big Q is are the enough hold and move the market back North, but do not get the notion that this market has to continue North, it does not, it is overdue for at least a 9-10% pullback in here.

This is the so do not expect any big runs North, if you see , it may be a good time to lock some in. Many are going on vacation and have put in their orders already based on prudent expectations Up or Down

participants do not care which way the market goes as long they are positioned and are ready to act.

Many people at more comfortable with the Northside action since this Bull has been running since 9 March 2009 or 6 + years of Fed QE driving Wall Street higher and higher.

But, be prudent, when you see a Southside setups show up play them, markets fall faster than they rise.

And as I write this the S&P 500 (futures) 9/15 2,062.00 -33.75 2,064.00 2,071.00 2,054.00 01:27:31, that puts the futures down about 250 pts at 17,620 or so.

Pay attention, the name of the Wall Street game is to make .

Have a terrific week.

Paul Ebeling