Careful here...unless you're a scalper, there's potential for more downside. The SnP is still about half a point from the gap fill we mentioned on Tue as the likely first target.
That is $109.60 on SPY
This market and gold have in good part been driven by the very leveraged dollar carry trade [traders nirvana-zero cost of borrowing and a weak dollar]
Remember, Strong Dollar changes things in a leveraged way.
It means potential unwinding of risk asset positions to reduce leverage. Unwind means sell risk assets.
Posted by: fabian Date: Tuesday, December 15, 2009 4:19:26 PM
There is a gap down at SPX 109.60 that is likely to get filled.
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