The difficulty of trading this market recently can be summed up in one chart:
As has been said of Oakland, "there's no there there." The amplitude of the market has dithered its way into nothingness, and I think bulls and bears alike are eager for 2009 so that something – anything – can happen.
More dynamic has been the EUR/USD, which has had a pretty nice upswing overnight.
You can see the breakout spanning months take place about a week ago and the smaller breakout take place last night. This looks really bullish when zoomed in this close, but the conclusion is murkier when these breakouts are viewed in a greater context.
My bullishness on energy will probably be well-served by much a move (and pre-market quotes indicate so), but I think this entire week is going to be a beast of confusion. Bear with me as the question marks circle their way around my head.
