What a day! Fascinating stuff! Both the bulls and the bears went head to head, fighting for control of the markets, and I would have to give today to the bulls. Like I have been saying for the last few days, 1085 is a very important level for the bulls and they fought hard for it. At the end of the day, they ended up not only holding on to 1085 but also regaining 1091, another support level.
Where do we go from here? Unless the President says something that really hurts the Street tonight, I see us going up tomorrow. Looking a little more ahead, I am willing to stick my neck out and say the bears do come back in the next few days. I still maintain - 1085 region is the key.
Personally speaking, I could just observe the markets for the initial part of the day. I took very small positions in AUY and SWC, small enough for me not to think about them at all while I was away from the markets.
To end this post, a little word for the President before tonight's address.....Mr. President, the election ended over a year ago. Its time to stop campaigning, and start governing.