Worries about the global economy hit the market again today. Bank stocks in Europe took a beating and futures lost +2% overnight. Half an hour into the session, the Philadelphia Fed Manufacturing number was so bad (-30.7, consensus was +4.2), S&P-futures plunged almost 20 points to 1130 in under 10 minutes. Then we bounced but 1150 was resistance just as it was before on the recent low about a week ago. The morning low got tested in the afternoon and was slightly undercut. Bulls tried a late rally, but the bears definitely won the battle today.
In the mean time, gold is making new highs and silver is trying to keep up, but can't. The lack of volume in the last 5 sessions says it all. A big loser was oil, down almost 7%.
No trades today, although I was considering a short near 1161 (red arrow) on the break of that nice 1165 base. If only...
Missing yesterday's ideal short is my biggest regret. Today, I actually hoped for a bounce towards 1180, searching for a short-opportunity right there. But markets rarely do what you expect them to do and hope is not a good trading strategy!
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