A few quick observations and then I’ll be back later with some charts. – Lower channel support for the eMini; 1204 on the 60 minute; 1180 on the 135 minute and 1212 on the daily. I expect some support here from the daily channel. What this market has been missing for months is some type of highly emotional selling climax. We’ll see if the Lehman news can generate that type of bottom-creating surge in selling. Right now, I’m not seeing it.
The decoupling today in gold and oil is interesting. Gold is up, showing us that in the long run it still has some safe-haven status. Oil is lower however, suggesting it’s just another speculative albatross along with whatever toxic derivatives are littering portfolios these days.
It looks like various interest rate markets are bumping up against their upper channel and may be reaching the end of current rallies. This seems true for both the short end eurodollars and the 30-year bond. Again, I’ll follow-up with charts later.
Health note: Thanks for all the kind words. I’m feeling much better.
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