The morning spike, intraday decline and closing rebound were certainly less than I expected with the futures up +9 points overnight.

We are obviously being whipped around by the dollar like the tail wagging the dog. The overnight low on the dollar index at 74.77 had our futures soaring. The rebound intraday to 75.20 pushed the indexes back to the flat line until the dollar began to fade in the afternoon. Now, at 10:PM the index is back under 75 and appears to be headed lower.

Oil prices were all over the map thanks to the volatility in the dollar but our new energy play still managed to post a gain when many other energy stocks were in the tank. Thanks to the opening spike in the market we were filled near the low for the day on the option but SGY returned to the highs near the close leaving us in a decent position.

The S&P futures are down slightly tonight despite the dollar tanking again. Gold is up again and trading over $1120 so that should help the GoldCorp position. After today's low volume gains I am actually a little more bullish for tomorrow but the negative futures worry me. I am going to pass on adding any new plays tonight and see what tomorrow brings.

Jim Brown



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