Tuesday Morning Update

The S&P's are going to open higher but near the levels we failed from yesterday. There is room technically to move substantially in either direction. I think it can push higher between mid 680's to mid 690's and ulitmately to the mid 700's in the not too distant future. But it's a tough call to bet on as the moves up won't have any longer term technical base or support and likely to be more opportunities to establish shorts. For now there is no basis for getting real bullish other than real short term day trading. That can change of course but it's not there yet. I think if the market rallies you can sell call spreads. The vix is still quite high and will decline most likely as the market rallies.

Crude continues to rally and I'll update at the top of the hour levels to consider getting long again. Just the reverse for short term gold trading.


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