As a reminder, this is an options expiration week for US equities.
Next week is an option expiration for metals on the Comex.
SP futures fell hard on the overnight and early morning to short term trend support. Gold soared.
The economic news sucked out loud.
Stocks must hold 1110 on the futures or they may activate what appears to be a bear flag.
"The woods decay, the woods decay and fall,
The vapours weep their burthen to the ground,
Man comes and tills the field and lies beneath,
And after many a summer dies the swan."
Tennyson, Tithonus
This is probably some portion of an option expiration scam, but the backdrop of financial danger in Europe is real. So it becomes a difficult play. The volumes remain light on the upside and heavy on the downside, and if one is playing bounces, a downdraft could take down weeks of profits. I don't like to play near corners.
