Breakout or Blowoff
Market action like we see today in multiple areas, stocks, dollar, oil, gold, and bonds rates are outside the box events and need to be treated appropriately. At the moment in my short-term trading I view it as a blowoff.
Some more comments at 9:30 AM. To review, the Macro trend for stocks, oil and commodities is lower while the Micro trend is up at the moment. Gold, bonds, and the dollar are just the opposite. Also the important dollar / gold ratio still indicates the economic overhang has not gone away and we are still at a Macro impasse.