THE INDEX REPORT

In the end all we have to say is things didn’t act all that well.
The $100.00 sell off in gold over the last few days and the big drop in the EURO currency and crude are gigantic moves. Many times in the past when you see move like that it’s usually associate with people being caught..
The retail trader sits there and says “well I’m out 20k, gold has to bounce” the unprotected position then turns into an even larger loss. It’s was all fun and games when the GOLD was going up everyday then in come the margin calls and all the people getting forced out. That type of stuff never ends well.


Wednesday? Thursday is roll day, MCH becomes front month.
Most traders do not like the roll because they say it only makes trading the S&P harder. Then next week we have the DEC expiration, none of this will be easy.
In Asia over night 9 out of 10 markets closed lower. In Europe 7 out of 10 markets are trading lower.
This morning we have Wholesale Trade at 9:00 and the API out at 9:30 and the 10yr note auction out at noon.
Our call? Its 6:30 am and the SPZ is up 4.50 handles. We lean to buying weakness, especially if we get down neat yesterdays lows. On the upside we have buy stops above 1098 up to 1103.00. We are still looking for the Thursday / Friday low this week before next week’s expiration.