I rarely have bad dreams, and am even more rarely awakened by them. But last night, I had a terrible dream that I looked at the quote screen, and the Dow was up 386 points. That was enough to get me out of bed at 5 a.m.
You'd think someone in my business would have dreams about the market constantly, but I don't. It's only happened a few times in my entire life. I'm not sure what caused this little night terror of mine – – – either it's a subconscious fear about the breakout potential of the index charts I've been looking at, or it's the ultimate contrary indicator!
In any event, the surprisingly decent retail numbers – – which caused the IWM to puff up over half a percent before the market opened – – aren't doing any magic for the bulls for far (of course, I'm typing this a mere 15 minutes into the opening bell, so the 20 points off the Dow don't exactly mean anything conclusive!)
I was surprised how many gold bulls I ticked off last night with my speculation that the $XAU was poised for a small tumble. As always, time will tell. Both oil and gold are acting nicely bearish this morning. But again, traders are barely out of their jammies, so it's too early to say.
As I mentioned last night, I'm going to be in Las Vegas roaming around the Money Show to see what's new in the world of trading technology. Say hello if you see me there! But this means my post today (Tuesday) will be quite late, so please understand. Thanks, and I'll see you online tonight.
