Here are a couple of charts that seem a bit contradictory. One of them is the Morgan Stanley Commodity Index, which seems poised to push higher.
At the same time, here's the $HUI (gold index) which looks ready to fall to my eyes.
Now, gold is just one commodity, but one would assume that, by and large, commodities would move in pretty much the same direction.
As for the market today – we're only 30 minutes into the new year, and it's relatively quiet. We started with a bit of a push up, and as I'm typing this, the Dow is pretty much flat right now (which means, I suppose, that the ISM report didn't create fireworks in either direction). I'm short the ES at 901 with a stop at 908, and I've also bought Russell puts (which I haven't done in months; it's like having an old friend back).
