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End of the correction or a retracement of Friday’s range?????
After a bleak opening last night or almost ¾% lower, the SP EMINI did an about-face and finished the day almost 1% higher. Today was a different day, traders ignored the potential risks in Egypt; tomorrow it could be a different attitude but the bottom line is the uncertainty is keeping traders on their toes and guessing. The positive attitude today took the “flight to quality” assets lower like the Gold, US Dollar and the 30yr.bond. However, crude acted like it was on steroids posting a 3% move today. On the economic front today, the Chicago PMI said that the business activity in the region rose to 68.8 in January from 66.8 in December. Remember a reading over 50 indicates expansive business activity.
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