while the markets did end down on Friday, considering the news about Dubai, the ugly gap down, only for the market to push back, it could be quite possible that the SPY has seen the short term bottom for now after reaching 108.3, which isn't too far from my thoughts of 108 being support... in fact when ugly news can't shake down the market, and in fact the market rallies, I have a feeling the market will continue in the opposite direction (which in this case is up)... The SPY, USO all reclaimed some major support levels, so there is no confirmation of a down move, rather we are sitting on support right now...
looking at the dollar UUP, while it did gap up big time, it just fizzled throughout the day... probably cuz the powers that be want to prop up the stock market... so I still think the dollar has to take out 2008 lows, before we see a significant correction...
edit: sunday nov 29: judging by how gold is reacting up sunday night, and how UAE central bank is coming out pumping the markets, I have a feeling we'll have a good day Monday...
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