Market sentiment has continued to deteriorate over the last 24 hours. Global Equity Markets have had their worse day of 2012 with the Dow and Dax both losing over 200 points. Yesterday was a 90 percent down day and the McClellan Oscillator has weakened to a near oversold level of -266.
S&P 500
Having taken profits yesterday morning at 1354 and going long against the 1350 level I was stopped out in the afternoon.The market is now on a sell signal and I want to sell from 1348/1353 with a 1358 stop looking for a move back to 1320 where we still have a Gap from early February.
Euro
The Euro traded down to the 1.3100 level and I want to close my longs here at 1.3150. If the market trades back to 1.3180/1.3200 I will go short with a 1.3220 stop.
Dax
The Dax never traded back to 6820 as the market had no bounce at all. I have an order to buy at 6580 as we are well oversold and I also want to sell on any move back to 6740 with a 6780 stop.
Gold
Gold entered my buy level with a 1663 low. I want to take profits on any move back to 1693 and to go short between 1693 and 1710 as the market is now on a sell signal.
Crude
I bought Crude at 105.40 and I will move my stop up to a close below 105. I will also close the position on any move back to 106.
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