Good Morning,

We have a HUGE week of data prior to the holiday weekend.

Let's go right to the calendar. If you are doing your homework and looking ahead and you have your portfolio (risk) in mind, you should already be taking the proper measures.

**CHIPM and the employment/new orders component

**Consumer Confidence

**FOMC Minutes (lagging data, but the Fed is the Fed)

**Challenger and ADP job reports (not a great indicator)

**ISM and the employment/new orders component

**Claims

**Unemploment Report

**ISM Services and the employment/new orders component (won't have an affect unless the employment report is very strong or very weak and this reinforces that number)

Europe just finished trading and their markets really sold off, bringing the DOW from down 20 to down 50, with the dollar strengthening.

As far as intraday volatility, so far the forex and equity markes are relatively quiet, but as we saw in the calendar, things pick up beginning tomorrow.  I expect to have some great day trading opportunities as the week progresses. On top of that, I am still sitting long the dollar and I have my covered calls in place. Finally, purchasing extra put protection for the long weekend.

The chart of the SPY doesn't look healthy, but, we bounced so far off the 101.5 level, that unless the unemployment report is a disaster, could provide another bounce.

Next up, the forex charts and the sickly looking GBP/USD.  I am looking for the GBP to break 1.5350  and head towards 1.5000 (just below the 50% retracement of the June to August upmove), but I would be happy with 1.5200

Socially Responsible Tip: Public transportation to Park Silly - see you on Park City's historic Main Street next Sunday and thanks to all of those who showed up yesterday.

Local Tip 2: Labor Day sales at Jans, Cole and White Pine - bikes and skis are deeply discounted

Happy Trading and Be Environmentally Cool