Close:
Techs hold on to important support, however, NQ (NDX futures) continous contract closed a hair above its 200 dma (1973). A sign that the cash index is headed down there?
The dollar and gold both got clobbered, but EUR/USD is still holding 1.5450, an important area. As for gold, when it lost 890 overnight it was all over. If it holds 867, there is a chance we avoid a retest of 850. I am somewhat skeptical of all this dollar bullishness as I doubt we will be raising rates quite yet, whereas Europe will. Their economy is much stronger (so much for all that "old Europe" talk a few years ago).
SPX fund buyers at the 1350 area and ended the day in a doji. Up for grabs, but oversold.
Nasdaq had a 176 new year lows versus 20 new year highs. The background outlook is not very rosy. This could set up a very negative op-ex next week (quad witching).
Interesting to see the gold sell-off the same week they introduced options to GLD. Was it a sign of a top, or are we just clearing out the decks before the next move higher? We probably will not know until next week. GLD option sentiment has quickly flipped from quite bullish to bearish.
Techs hold on to important support, however, NQ (NDX futures) continous contract closed a hair above its 200 dma (1973). A sign that the cash index is headed down there?
The dollar and gold both got clobbered, but EUR/USD is still holding 1.5450, an important area. As for gold, when it lost 890 overnight it was all over. If it holds 867, there is a chance we avoid a retest of 850. I am somewhat skeptical of all this dollar bullishness as I doubt we will be raising rates quite yet, whereas Europe will. Their economy is much stronger (so much for all that "old Europe" talk a few years ago).
SPX fund buyers at the 1350 area and ended the day in a doji. Up for grabs, but oversold.
Nasdaq had a 176 new year lows versus 20 new year highs. The background outlook is not very rosy. This could set up a very negative op-ex next week (quad witching).
Interesting to see the gold sell-off the same week they introduced options to GLD. Was it a sign of a top, or are we just clearing out the decks before the next move higher? We probably will not know until next week. GLD option sentiment has quickly flipped from quite bullish to bearish.
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on Tuesday, June 10, 2008 at 6/10/2008 04:19:00 PM.
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