Monday, August 22, 2011

Update

Sometimes doing nothing is the best decision.  Obviously shorting the open would have been most lucrative but at least I didn't chase the market as it quickly erased 2% gains.  I watched the Euro reverse and go negative on the day - hovering around the 1.437 level and continue to watch 1.4450 as a bullish indicator. Gold continued higher finished up 2.5%.

The worrisome part of today's action is the fact we couldn't sustain any sort of a rally after Europe closed up 2%.  Also interesting to note financials continued to underperform as the weakest sector today - down 1.25%.  I still think we are in a bottoming process and testing and holding 1100 would be an important support level and a great buying opportunity. 

No comments:

Post a Comment