Weakness pretty much everywhere so far with very limited bouncing back so far. All the precious metals stuff getting tagged more than I'd like to see today. The GLD and SLV have traded in really tight ranges so far today so look for a break of that daily range either way for a possible entry today (I will be). It seems these metals are now riding up and down correlated with equities. So much for the safety bid, more dollar inverse lately which is the same as the market.
Is this setting up for a "into the short weekend" short squeeze today? I would be more likely to believe that than a crash into the close, but if 900 gets taken out you might see a bunch of stops get taken out and with little volume around the desk this afternoon could cause some volatility (either way). Especially, if Government Sachs decides to start some program trades up in the last hour as they have been apt to do.
Other position of note: DGW has been eating through lot of supply here on the ask after shaking some weak longs out - makes me think it may break higher this afternoon (market willing).
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