Closing hour:
With the G8 meeting this weekend, there is tremendous risk holding long or short oil and gold. I would recommend being flat until Sunday night. In fact, that goes for equities as well.
There are lots of index puts at and below these levels which is why you are seeing some selling off highs in futures as short puts try to hedge. It's all a bit of a mess, but watch ES 5 dma at 1350. But the bottom line is that NDX once again sold off at its 200 dma, at least for now.
With the G8 meeting this weekend, there is tremendous risk holding long or short oil and gold. I would recommend being flat until Sunday night. In fact, that goes for equities as well.
There are lots of index puts at and below these levels which is why you are seeing some selling off highs in futures as short puts try to hedge. It's all a bit of a mess, but watch ES 5 dma at 1350. But the bottom line is that NDX once again sold off at its 200 dma, at least for now.
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on Friday, June 13, 2008 at 6/13/2008 02:51:00 PM.
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