{"id":9778,"date":"2011-02-09T09:19:12","date_gmt":"2011-02-09T14:19:12","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=9778"},"modified":"2011-02-09T09:19:12","modified_gmt":"2011-02-09T14:19:12","slug":"morning-thoughts-2911","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-2911","title":{"rendered":"Morning thoughts 2\/9\/11"},"content":{"rendered":"

Good morning traders,<\/p>\n

I’m fighting some more computer gremlins this morning, so this will be very short and to the point.<\/p>\n

This morning, we find work equities down in reasonably large moves.\u00a0 Asia is off 1+ – 1.7% across the board, and Europe is down roughly 0.5%.\u00a0 Note that Australia, Japan and German all made 52 week highs overnight, failed at those levels, and are trading significantly lower.<\/p>\n

No large moves in currencies, but AUD and NZD are both weak.\u00a0 Net impact to USD Index is negative this morning.<\/p>\n

No clear moves in commodities, but metals deserve our attention today.\u00a0 After yesterday’s session, Gold should <\/em>pick up the strength reasonably quickly.\u00a0 If not, be aware of the downside potential.\u00a0 Also note that Crude gave back most of the Eqypt-related runup.\u00a0 It is curious how everybody starts talking about $200 oil everytime this market rallies $5.\u00a0 Where is that talk this week??<\/p>\n

In my opinion, the key factor in equities is the process of dealing with the divergence I outlined in yesterday’s morning note.\u00a0 Very short-term traders often have difficulty remembering that these themes sometimes play out over multiple trading days, and this one is still in play.\u00a0 I also think the correct mindset here is to expect upside, realize that in the bigger picture, (multi-week) weakness should be bought, but be respectful of the potential for sharp downside.\u00a0 We are overextended with a market showing no volume or real buying pressure, so the potential for a small-scale meltdown is very real.\u00a0 As a rough guideline, be careful of fading any weakness that is not immediately (within 30 minutes) reversed.\u00a0 Conversely, if you are able to get some nice shorts, be careful of pressing those and exit at the first sign you are wrong.\u00a0 The pattern has been clear–every dip has been bought and shorts have been punished over and over again.\u00a0 Assume that pattern is in effect until you see something different.<\/p>\n

\"Follow<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning traders, I’m fighting some more computer gremlins this morning, so this will be very short and to the point. This morning, we find work equities down in reasonably large moves.\u00a0 Asia is off 1+ – 1.7% across the board, and Europe is down roughly 0.5%.\u00a0 Note that Australia, Japan and German all made 52 week highs overnight, failed … Read More<\/a><\/p>\n","protected":false},"author":388,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[943],"tags":[],"class_list":["post-9778","post","type-post","status-publish","format-standard","hentry","category-adam-grimess-blogs","no-post-thumbnail"],"yoast_head":"\nMorning thoughts 2\/9\/11 | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-2911\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning thoughts 2\/9\/11 | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Good morning traders, I’m fighting some more computer gremlins this morning, so this will be very short and to the point. This morning, we find work equities down in reasonably large moves.\u00a0 Asia is off 1+ – 1.7% across the board, and Europe is down roughly 0.5%.\u00a0 Note that Australia, Japan and German all made 52 week highs overnight, failed ... 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