Morning "strength", afternoon selling – the pattern continues. One of these afternoons there will be a late day reversal to the upside and should be the 'sign' people are looking for that short term bounce. Could be today … but if not, we are really pulling the rubber band far. When this snaps, it should be quite an interesting move.
The dollar is taking a big hit here in the past 15 minutes… not sure what it means yet, but it's been on a rampage for 2+ weeks, as people flee to safety. Speaking of rubber band – the dollar and US bonds are off the charts.
Keep in mind some G8 and other such meetings so those in the "know" will trade on whatever is to come out (if anything) while everyone else will speculate.
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