bears pour it on

Wow, what a bloody day in the markets.  We opened flat and fell all day with no signs of buying. The only bullish note I can find today is the lighter volume but I won’t read too deep in to that tid bit.   The dollar remains strong and I really think this could be the start of a huge move uo in the dollar, keep your eyes on it.   As for tomorrow, I expect a bounce in oil and a pullback in the dollar. The stock market should show somewhat of a follow through of today down move in early trading.  This is going to continue to be a wild market so stay nimble!

On another note, there is a key pivot set up in gold tomorrow however I do not want to take this trade nor make it part of the mock portfolio due to the risk reward. After my analysis of the trade I found that I can’t expect much upside in the trade and it is not worth the risk.   However for those of you who would like to take the risk on this play get long on a move to 931.50  I would expect not much more than a $5 move up from there as a target so place your exit at around 935-937. Place your stop @ 919.  This risk/reward to this is not in favor enough to take the trade but I still feel this is a high probability play that can help you grab a quick $500 per contract.