Thursday Morning Update

The S&P is lower again this morning. I think the early trade is to sell strength, around 698-700. If we can hold near Tuesday's lows, 681.50, for the first several hours of the day, then I believe we can make another run at yesterday's highs prior to tomorrow's release of the unemployment data. The big picture still remains technically very weak regardless of these short term rallies.

Gold has rebounded overnight to the mid teens (816). I think first time up into the low 820's, near yesterdays highs, would be a sale. The picture may swing back postive in the next day or two if it can hold.

The dollar is up and continues to look bulllish. ECB and BOE cut rates again as there economies are potentially worse off than ours.

April crude oil looks like a buy this morning under 43.

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