Asset Classes

A review of what the major asset classes are doing (S&P, dollars, bonds, and commodities) and some follow-ups to a couple of yesterday's charts:
SPY - I don't put a ton of stock into short-term fibs; however, today retraced exactly 50% from yesterday's high - we will see if this ends up being significant.


UUP


TLT


DBC


DBA - setting up...


XOM - heading lower.


OIH low-risk entry.

Charts

The S&P hit 875 on Friday...where every possible resistance level was converging at. So as expected, we had a nice sell-off today. Market sentiment is still naturally split - it will take more than one down day to change anyone's mind. Almost everyone with a brain believes that this bear market is far from over; however, there is plenty of disagreement as to whether we see 700 or 1000 first, before heading lower. One thing that people can agree on, is that the market ran too far too fast in the last 30 trading days. At the moment, and given what is happening with earnings/guidance, I expect a more serious pullback. Now enjoy some charts.

SPY


QQQQ


VIX


SHORTS
TIE


OIH


WYNN


MMM


X


XOM


LONGS
TXN


USD



UUP