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Monday, February 08, 2010


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That is definitely what I thought Friday afternoon... nobody wants to be holding shorts Monday morning.
What I am trying to figure out now is how closely DXY and the market are going to correlate going forward.


On the money there Yelnick..Iran will showcase it's 1st nuclear bomb on Thursday, which should mark a market low with a big rally on Friday


Actually there were multiple technical reasons for the bounce on Friday at that level including a VIX target at 29. Based on today I would expect to see 1012 on the ES soon. From there we should see a sustained rally - or so it looks at this point in time - but a review of my charts tonight should confirm.


I am not married to wave theory but I like 1012 because it represents a 12% drop from 1150. The first leg down in Gold was 12%. The first retrace in gold was 62% so I'll be liking SPX just under 1100 if this plays out. Another thing to keep in mind, the gold "rebound" took twelve trading days to accomplish.

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