A.M. Update

Good morning,
I hope everyone had an enjoyable weekend.

It seems the markets haven't been too terribly exciting with most markets apparently taking their cue from the US on Friday. However there was a story (or leak) on President Obama talking about a strong USD is bad, which was promptly refuted in the overnight session by a uS "official". The damage seems to have been done, although I think this has nothing to do with the $USD movement as we were calling for the end of its counter trend bounce , also called a very short term bounce which we saw Friday and called for the end of that too and that's where we are.

 60 min $USD chart with the large prevailing downtrend and then the counter trend bounce (yellow) followed by the end of the bounce and down trend resumption with a day's worth of strength called last week (Thursday) and that now ending and back to the former downtrend.

 Here on a 1 min overnight chart you can see the Obama leak with the $USD dropping and the "official" denial with a little recovery, but it has rolled back over since then which has been our forecast , Obama or not.

 This 3 min chart shows the negative divergence in to Friday's parabolic push higher on Payrolls.

 We opened a VERY short term, very speculative USO call/long position on Friday, this 5 min Crude futures (CL) chart still looks like it will see a little bounce and then I expect it to continue to pullback...

This is a longer 15 min crude chart and the nature of the very short term corrective move to the upside from Friday's Trade Idea: USO (Speculative)

 Gold has some work to do, but it looks like futures are getting started on it as the gold futures 15 min chart shows. I'd personally wait a bit though and let it do its work.

And TLT/US treasuries are looking like they are getting closer to what I believe will be a counter trend bounce, there was news overnight on the DOJ opening a probe in to Treasury market manipulation.

I'll be looking for the new TLT long entry.

And ES/SPX futures 1 min as I said Friday, if they are going to gain some traction or the market, they have some work to do basing and getting their act together.

We'll see what the cash market charts look like shortly, I'm not expecting any big surprises on the open. If I had to guess, I'd say some very early price strength followed by a retracement of that again early in the a.m. session.