Thursday, December 18, 2008


Very interesting action so far…

The dollar is strengthening, sending stocks off their highs, and commodities lower.
At the same time the VIX is continuing lower and bonds are still at their elevated price levels. It seems that the dollar’s gain is coming at the expense of the British Pound.

Looks like a dangerous tape to me. Still see crosscurrents and without a clear sign of direction it looks like a good way to give money back to the fiat currency gods!

The DOW is now DOWN 22, the SPX is down 3, reversing overnight gains. Remember that we have some economic data coming out in a few minutes.