Sad news: Flooding in Beijing, 37 killed

Hong Kong (CNN) -- What has been described as the "heaviest rain in six decades" left at least 37 people dead and raised criticism about Beijing's infrastructure and the government's response to disasters.

The torrential downpour lasted 10 hours over the weekend, producing gusty winds and a tornado in one suburb, according to local media.

The deluge was the largest since 1951, when the state weather record was established, according to Beijing Morning Post, bringing about 6.7 inches of rain in some parts of Beijing, and as much as 18 inches in the suburban Fangshan district.

Of the 37 deaths in Beijing, 25 people drowned, reported Xinhua. Another six were killed in collapsing houses, five were electrocuted, and one was hit by lightning, the agency reported, citing the municipal government.

The flooding killed 95 people and 45 were reported missing in 17 provincial areas of China, Xinhua reported. Nearly 6.23 million people were affected by the heavy rains, which started July 20.

Do you know how to get out your car in flood?
Here is a link you may want to check.

I highly recommend this product.

Remember the drill:
1. Go to Amazon using the following link. (YES! ABSOLUTELY)
http://www.amazon.com/?_encoding=UTF8&tag=memyselfand0b-20

2. Search for
ResQMe Car Escape Tool

I think we may see a correction

not sure how bad it is. i think 1350s at least

here is a very nice chart made by MktAnthropology
I love the analogy.

Market Reading - hold off again

I previously planned to go back in at 1320, as part of my risk mitigation with my exit before 7/4. I think it is bottoming, It could be 1 more leg down to draw a double bottom, but the low is very near if not printed already imo. Unless we get some triggering event, this week is done.
I decide to hold off for now. I will think of the next step during the weekend.

Update of the AUD USD chart.

AUD and the equity market

I will work on this topic.

links:
Correlations Australian Dollar and Dow

My chart on AUD.

Market Reading

Couple charts I am looking at.

here is a chart from chartrambling on Friday.

This is a chart I got from somebody.

This is my chart with tweaked forks.We will see if the trend line holds next week.

News from this morning

Stocks retreated on Wall Street early Friday after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.
The Dow Jones industrial average dropped 134 points to 12,762 in the first hour of trading Friday. The loss wiped out the Dow's gain for the week.

http://finance.yahoo.com/news/us-stocks-drop-weak-june-134701709.html

Conservatism and consistency get paid off.

ZH said,

The worst news is that the number is not bad enough for more NEW QE immediately.

http://www.zerohedge.com/news/june-non-farm-payrolls-come-80000-misses-expectations-unemployment-rate-82

I am not sure where the market goes. I will think of add equity around 1320.

Plan before the close today

I am going to close my equity investment before the market close today to avoid any uncertainty on employment data. I will update my market view a little bit later

11:55 Need to leave now. Close my SPY at 137.40. Happy 7/4