Market is continuing to take the risk off. Equity futures are following overnight action in overseas markets. Everything is selling off (with exception of China, those folks are in their own world). ES is sitting on DS1 and is backtesting the low of the week. Long gone is support @ WP 1327. Double bottom folks are loading up here as I type. Some may think this is the end of selling before solution of debt ceiling. I say let our politicians surprise us one last time. If you are short, trail your stops down and let them duke it out on the hill. Scale some out though, do not be greedy.
Oil is following the equities. It had a fake breakout y/day. Always wait for confirmation of these box breakouts. And equities did not confirm. We are back into the box.
Gold made a new all-time high overnight, and is laughing at all of us who said it had to cool off. I never doubted the long-term trend, but thought that in short-term it had to sit it out. Wrong...
Forex was confused overnight by AUD action. But I am more interested in dollar index reversing out of the falling wedge. Have my two eyes on it and will try to update you folks as I can.
Durable Goods report was just released, way weaker than expected.
UPDATE 4 pm edt
Do not be greedy and scale out!! Note to self :)
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