The strength of the morning continued like a freight train today. there was no retrace besides a mire 2 or 3 pts on the ES. Long was the way to go today.
taking a look at our Big picture chart on the ES we can see it sliced right though the line drawn yesterday.
the S&P was in a pretty tight trading range all day beside the 8 pt ramp when a US official said the US will back a larger European Stability fund Via the IMF shooting the ES up 8 pts. look for a pull back overnight to the 1200 area
Oil was the Big mover today, which was up over $3 from the lows yesterday. this was one of the best performing commodities. looking for some overnight profit taking before resuming an uptrend
Gold was relatively quiet today considering the USD fell nearly 1%, it did rally after this mornings spot where i said it would find some support but looks to close the day flat. i would have preferred a close decidedly above 1388 to confirm the strong up trend.
The Euro looks to have a little deadcat bounce forming, i would like to see this continue to at least around 1.35 before some hard selling would come in again.
keeping a close an on the EURO here... it should dictate the move for equities.
Lets see how the after hours trading goes as Asia reacts to a huge rally