Talk about whipsaw.. the 1265 – 1245 channel is still in play from yesterday. Every day this week we have seen the SPU trade between these two prices each day taking less and less time to between trades on 1265 and 1245. Today it happened in minutes not hours. WE should see some buying off the 1245 level.. though if it fails upon cash open we could woosh lower as sell stops are triggered.
Europe nothing has been solved.”lending money to IMF to buy Euro bonds is not compatible with the treaty” Because of this the commodity market is still a slave to the currency markets as well as equities. Crude moved wildly down from over 101.5 to down below 100.50 while the dollar surged higher almost to 79. Same games different day.. trade accordingly.