Cross Currents……….testing the price levels at 9:30 AM CDT
Things we know now: Europe is showing that austerity is not easy to enact, is Paul Ryan watching. Volcker is proving again, old guys rule. Bottomline, the young leveraged hedge fund managers and bankers are running for the hills. Some important downtown levels are being tested this morning. Lets see what the day gives us.
Testing the price levels: We have just put on long positions in S&P and gold equal in total to 50 percent of our equity. This is a toe in water, how does it feel trade. May not be in for long, maybe hours or maybe days, gold at 1560, S&P at 1339.