I am watching an interesting situation developing. Gold is selling off. The Dax is plumbing lows of the last week right out of the gate, The Euro started selling earlier in the day but rallied hard to the top of its techincal channel over the last hour or so. The Gold move should have the S&P move up, the DAX fall and the latter Euro rally should have the SP move down, which it did, but not much.
In summary the DAX probably does not have much further to go on the downside today - and also with the Euro at the top of its channel - I believe that the US market may end UP tonight.
I like this price action. Start going LONG and average in. Once it is seen the US has the upper hand the US securities will rally hard. They are not going to loose this EURO (&IRAQ) currency war.
