• The trading range remains the same…very tight given the current volatility…and boring…and dangerous to bet in either direction until we get a clear directional breakout.
  • today is october options expiration and this weekend the eurocrats will hold another one of their all important meetings.
  • all of that makes today a bad day for decision making and we are best off on the sidelines observing and waiting for better entry points.
  • this morning futures are trading up and we may get a chance to play the open gap in bucket 1…although pin risk near 1230 on the S&P 500 due to options expiration exists so even a gap play will be tough to do unless we get clear early indications.
  • are you seeing the bear flag currently in development on the chart of gold?  the classic way bear flags break is in the direction of the near-term trend…in the case of gold that is lower.

 

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