Wednesday, December 10, 2008
Crossroads; Dec. 10, 2008
Euro, gold and the stock market are at a crossroads. The euro and gold need to turn down now to maintain their short term bias. I saw weakness in the stock market at 900 in the S&P and closed half my long options positions. So far it has been a wise move with the market in the negative. No time to post a chart, too much happening. But the bottom line is that market may make one more sharp decline before making an attempt and rallying above 950 for a top. On a very short term basis this market is bearish.