I had a good trade on the /ES last night; after the nice saucer pattern from yesterday, the market spent much of the evening consolidating between 1035 and 1038. I bought 30 /ES at 1036.50 with a stop below 1035, and I closed the position out this morning for a solid profit. The /ES is up 8.50 as I'm typing this, and the EUR/USD is particularly strong.
Indeed, the dollar's pummeling is starting to reach a pretty important level, shown below. If we cross the red line, the likelihood of continued equity weakness short-term is badly diminished, and the gold bugs are going to have a field day.
