Market Update

I'm off to a somewhat late start this morning but it gives me an opportunity to look at the markets with all the employment data absorbed.

The S&P is lower after an inital, brief, rally took us to new highs of 844.50. The move off the lows the last month or so seems to be losing momentum and we could be starting a move back to below 790.

The dollar looks better today and I think it is a buy under 84.90.

Crude needs to continue to rally or it may be developing a range. I think it can be bought on a correction to around 51.10. The earlier the better for this and if it ends the day there I will turn more negative crude.

Gold is generally a little negative but I don't have strong conviction on it. I think it's a sale if it moves to 920 and possibly a buy around 903 with a tight stop near 896 for a short term trade.

There is a substantial risk of loss in trading commodity futures, options and foreign exchange products. Past performance is not indicative of future results.