Wednesday Morning Update

Stocks are lower but made new highs for the move late yesterday. I think it is ok to be short calls/call spreads up here and look to cover and sell puts/put spreads on a move back into the low 700's.

The dollar and gold are both weaker this morning. The dollar traded through 87.80 after my post yesterday and has been softening since. I think there is a real risk that it continues to decline. Gold also looks weak and missed my 922 level yesterday by topping at 921.7 after my post. It would be interesting to see both gold and the dollar continue to break but that's what they look like technically at this point.

Crude still looks somewhat bullish with potential to 52.50-55 (April). Support is at 47.80.

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