OK.. everyone knows the Dow is off 220 points, and every market in the world posted declines overnight. The open on my screen was Dow down 150, and it has been trending lower since. All major indexes are also down over 1.5%. The only 2 new pieces of information that I can find are news about Trade Deficits in China and the U.S. China posted a 7.3 Billion Trade Deficit vs expectations of 4.9 Billion Surplus, and the U.S. posted a Trade Deficit of 46.3 Billion vs expectations of 41.5 Billion Deficit. Makes me wonder who posted a Trade Surplus.
Initial Unemployment claims printed this week at 397,000 vs expectations of 376,000 and the upwardly revised 371,000 from last week. Of course the good news is that 200,000 dropped off the extended benefit list and are therefore no longer counted as "unemployed", thus the numerator for the Unemployment Ratio makes the monthly report much easier to spin up as a positive.
Military intervention in Libya seems now to be a foregone conclusion, beginning with a "no-fly" order for the Libyan military jets. And reports now have all 7 of the front line U.S. Aircraft Carriers now at sea, mission unknown. Anyone want to take bets on where the last 3 are headed?
Oil is trading lower at 101.37, as is Gold at 1412.20 and Silver at 34.98. A peek at the commodity screens and I don't see a single Green arrow in the bunch. The Euro is off, trading at 1.380 and the Dollar is higher at 77.25. The 10 year Note is higher at 3.445% and the Bond is also higher at 4.586%. I feel I can report with impunity that, at least for today, the "RISK" Trade is OFF!.
Momentum Changes indicators are of course still Bearish... please note the tightened Stop Loss prices at the right. I will continue to tighten these stops as trading progresses.
Best To Your Trading.!
Bill
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