Monday Morning Update

Stocks are going to open lower and, at least for the early going, I think there may be more weakness from the upper 790's. However, this pullback from the last weeks rally is an opportunity to consider some longer term bullish positions. So I would be patient to give the weakness some room and perhaps trade it short early, but if the intraday charts start to stabilize it could be a nice longer term (days) buy.

A similar scenario has developed with crude and the reverse scenario is present with the dollar index.

Gold looks bearish today and I think its a sale in the low 830's.

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