Market weathering this storm well as the futures continued to improve and now, with the opening behind us, the selling wave did not materialize. I'm not trying to day trade this push higher but I wouldn't say it is unexpected as the cash market on the SPX held at the 200 day MA and that is the impetus here in my opinion.
Gold is finally catching a more serious bid and last weeks attempt to turn higher and follow through on the intermediate term trend is still in progress.
Oil futures still up 4.5% but that's down from the 6+% overnight. Oil stocks gapped up but are coming back in so there I'm monitoring and waiting with the shorts I have out. As the storm plays out this morning on the Louisiana coastline, more news fragments will come in so there is the likelihood of choppy trading with spikes either way.
Gold is finally catching a more serious bid and last weeks attempt to turn higher and follow through on the intermediate term trend is still in progress.
Oil futures still up 4.5% but that's down from the 6+% overnight. Oil stocks gapped up but are coming back in so there I'm monitoring and waiting with the shorts I have out. As the storm plays out this morning on the Louisiana coastline, more news fragments will come in so there is the likelihood of choppy trading with spikes either way.
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