Well I am seeing a different picture somewhat. Have been wrong before and can guarantee I will be wrong again.
US Basic Materials Up, Gold Up, Financials Up but weak.
The fly in the ointment is the USD which is down with the AUD up and Gold up. So its a flight from US dollars into anything rather than anything in particular being attractive.
To my eye this means that currency gains in the AUD has eaten up some if not all of potential gains in basic materials. (Which is why we have been flat of late despite the DOW being high - Our $100.00 worth of XYZ is actually worth more than it was yesterday, but its all currency gain)
The obvious fly - which is still quivering by the looks. AUD gold only up $4.00 although the Yanks get a $15.00 rise.
I am still seeing LME stockpiles at pretty much record highs, although a teensy dip in aluminum levels. The Baltic Dry has dropped sharply - although as it is USD based it isn't as useful when the USD is fluctuating - Oh what I would give for raw tonnages...
XJO futures up - in fact to the point whether I am questioning whether there is any value in it left to trade.
Anyway with my decidedly cautious tone I am thinking that the pre open looks blackish green, so its not a big green day but definitely not a big red one. So its an up, the question is will it hold.
Short: Nope, not today. Bounce: Nope. Fade: Possible - lets see. Long: Possible - probably more possible than Fade Scalp: May also be good if you have lingering doubts. Sit it out: No its not that uncertain.
