Morning folks. Big gapper in the market today with the spy up 1.76% premarket. GOLD, silver, oil ALL with big gappers. Silver at one point was running 8% hot. big squeeze came out yesterday that kicked in hardcore late morning and wouldnt stop all day as the buyprograms pushed in aggressively at every dip or stall point. Bears didnt put up a fight yesterday as they were fighting a positive news flow, window dressing, oversold technicals all popping in at the same time. Once the euro tarp rumors were getting flooded around it was a good ole fashioned rout with buyers stepping in at every intraday dip. Overall a pretty positive session. As always 1 day doesnt start a trend what we need to see is follow through. What ill be looking for today is if this gap holds up and we can push through. If that can happen there is a good shot we run right back to the top of the range near the 50dma’s on the indices. Our first target if this gap doesnt fade is spx 1220s with yesterdays low as support. We are looking at opening around the 20dma on the s&p which should serve as a mini resistance at least first tap so keep an eye on that level before you start loading up positions. Gap days are very tricky to trade to the longside so be careful and dont chase the open let things come back or setup again on a take out of highs.
also watching ssn mhr and some others. the charts suck but they are due for a quick reflex bounce..ill use shorter timeframes to time my entries as the daily charts are a mess.
big gaps in gld and slv ill keep some miners on my list in case there is a run and ill look for laggards.