Lots going on today:
-S&P 500 has broken trend, but is at a level where we may see some short covering
-Traders I have spoken to don’t seem eager to cover trades yet, however
-Concern over US banks’ exposure to French banks becoming a concern
-Market seems “pulled” to last summer’s levels
-Gold seems to be holding pattern
-However, may become source of funds for end of day margin calls
-May be seen as an opportunity. If markets continue to fall we may see more liquidity pushed into the markets by the Fed. This will get the inflation bugs excited.