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.
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