Today the general markets (DJIA / SPY) bounced exactly where they should. TheY did so on low volume as not to excite the bulls and to keep the bears convinced the market is going to tank. Maybe it will…but at least the bulls have one day to celebrate. Let’s see if we can build on these gains with some earnings surprises.
Use today’s low as a key pivot point. If we close on a daily basis below today’s low we could be in trouble.
Commodities Index (CRX) looks like it has a little more downside left…maybe another $25 points. That makes sense since Gold looks like it has another $60-80 downside left before hitting some decent support.