Morning Update

This morning the S&P is 20 higher. This is much too strong to fade early in my view, perhaps later in the day but not in the first several hours. I will look for short term levels to buy.

No change in the dollar. I have no bias either way.

I see crude in a range from 52.80 to 47.40. It continues to look very similar to the sp. I think you can buy an early pull back to 51 (currently around 51.50) and look for a move to 52.80.

Gold is weaker again after moving briefly into the low 890's yesterday. There is potential for a bigger move down and I think you can still sell strenght in gold.


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