Good morning. The econ-data has just come in particularly disappointing, and the market is on the slide. Futures are sp -8pts, we're set to open around 1585. Precious metals have collapsed, with Gold coming within $1 of taking out the 2011 low. Oil is similarly sharply lower.
*as noted last night, bears need a weekly CLOSE back in the 1570s.
This is exactly the start I was hoping for, but how we close is infinitely more important.
Good wishes for the last day of what has been a difficult week in bear land.
more on the precious metals...soon
*I need to correct something. Gold has NOT yet taken out the low from Dec'2011...
In pre-market (so far)..GLD hit 148.34, thats 70 cents from the critical low.
USO (Oil) is set to open -2%, right on my exit target of 32.80s
This is good, and I'll look to kicked at the open.
UPDATE 9.18am sp-6pts right now, and its clear, the bears remain WEAK. A close -1% is going to be real tough.
Nevermind the issue that the old resistance high of 1576 is now going to be support, and I sure don't think we can close under that today.
9.32am...exited USO at the open...very pleased, and a good way to end the week.
I will note, I do expect VERY significant further falls in Oil in the weeks ahead, but I'm just trying to trade it day to day.