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Good Trading Volatility

|Includes: ProShares Ultra Oil & Gas ETF (DIG), QQQ, SLV, SMH, VXX, XLE

Some good trading volatility while the market try's to figure out which direction it wants to go.

The S&P is sitting around 60%, DIG is 50% and SLV is trying to test it's 50 day moving average for support. Basically we could go either way, but I'm thinking we probably retest the 1050 level on the S&P somewhere in the next week or so.

But its still too early to tell what the game plan is. We could either float up on light pre-holiday volume, or sell-off now in hopes a rally with earnings in July.

Either way, we know what do to once we see the play. Best to be patient and fluid.

Disclosure: Long: DIG SLV VXX Short: QQQQ XLE SMH