Closing Comments

The big story today was the US Dollar. Strength in it turned around a stronger Oil market which then closed on its lows and down for the day, Copper same pattern, and Gold... although Gold was never really that much higher today. Stocks started to bleed off too, and had very bad breadth numbers on the close. Declining volume swamped advancing volume. A case could be made technically that the Dollar has bottomed. Sentiment wise, this is certainly the time to put a decent bottom in that holds for several months at least.

Enough markets turned around today that make me comfortable on the short side for several days into weeks sort of time frame. We may rally into the end of the month a little bit, but the short side is going to be more profitable... for a little while at least.