A Pause

Yesterday stocks basis the S&P 500 dropped to an intermediate level, what we have previously called the 1220 value level,  within the bigger 1170 to 1270 price distribution range. 

Gold started a rout but also has reached a interim level.  A trading range of 1690 to 1740 basis the dollar will probably prevail until after Thanksgiving.  We are staying short.

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