Folks, not much changed with today's action except for my frustration level as oil and copper got chunked despite the dollar being down heavily. With both sitting borderline on my stops, I decided to get out, clear my head, and make another go at it later. The big money in commodities will come down the road, and I don't want to squander capital on forced trades. Miners did well, but the volume on GDX was low enough to raise doubts about today's gains sticking. For now, I am staying faithful to yesterday's game plan and looking for a test of the trend line before adding to or deleting my position. As for equities, I will watch for the S&P 500 to enter the overhead resistance zone described yesterday. If I turn out to be wrong, and the index heads lower from here, there will be plenty of time for entry since I expect a climactic sell to take us below SPX 600.
You will have to forgive me for leaving you with a short paragraph this evening, but it's late, and I'm exhausted from a stressful evening of eating good food, sipping on after dinner drinks and smoking cigars with close friends (I suppose I'm still not too tired to be sarcastic!). Besides, I write this blog for fun, and if I forced myself to stay up and hammer out some market prose, it would feel like work, and I assure you the product will be lacking, for better or worse, my usual efforts at being thoughtful. The good news is I'm not changing my price! Good night.