A Whole Lot Of Bulls Makes A Bear? or Does it (FAS)
|SPOOZ 1 min, “ladder to heaven”|
The jobs number blew out, whether you are a believe or not this market is making new highs every day. The highs have been made on notable low volume and moderate to tepid conviction in my opinion as well as many seasoned futures traders opinions.
The trend is up and the printing presses are full of ink and paper, how long will the music play? Who knows. Until then lets talk levels, perhaps one of these levels is where your chair will reside when the music stops…
SO far the high today was 1273 low of the over night session was 1255.75.. at the 7:15 number we jumped like an 18 year old at a house party when the cops showed up. 1263 was the first run on the stairs to heaven, followed by 1267 then 1271 then the might
1273. The small buying, bidding and taking offers is still taking place as it looked like the 1272s were gonna be the top of the day, looks like we are going to make highs into the close. The buyers showed up at 1271 and here we are back at highs..
|DX futures … 1 min|
There has been a hell of a lot of movement in the dollar today as well up over 1% clear over the key 80 level trading as high as 80.63. The strength among the dollar and weakness in the euro has surely kept spot gold from moving around to much today.
The correlation between equities and gold seems to have loosened on the downside but on the upside the correlation desks hit the big red button.