No surprise. After getting slaughtered Thursday night (their Friday) Asia is up strongly across the board. This also has not surprisingly put a bid into US futures. The market may indeed open up tomoorw but I really think any rally should be faded. Friday there was alot of technical damage done. The weekend holiday sales were pretty poor all things considering. Average purchase was down alot. Number of purchases were up but that just means more people got done with their Christmas shopping earlier. This week you have alot of economic news which I don't think will be that kind. The unemployment number may be pretty good due to seasonal factors but that could help the dollar and cause weakness in the stock market. This Dubai thing also hasn't been resolved and could have some ugliness hidden still. Like the rest of the world United Arab of Emirates is treating a solvency issue with liquidity maneuvers. This does nothing to help the actual problem but should help the local banks.
Gold is now down and by quite a bit (10 bucks). Europe was up on Friday so how they end up will tell you alot about the U.S. markets. In general I think the next few days is a bearish set up. Of course if our government figures out a way to ruin the value of the dollar a little more who knows. Even the dollar however may have some bullishness to it this week.
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