Friday August 30, 2013 08:21
The break of $1,400 overnight is, so far, a squaring move in a thin market. The run in August forced out all but the most perennial bears, and, after the break of $1,400, added new bulls. When it became apparent that the Syrian issue or US action towards the use of chemical weapons may not be imminent, profit taking took hold in earnest. There may be some continued volatility in the morning but I suspect the close will be higher than the 11:30 print. The players return on Tuesday.
Enjoy the last long weekend of the summer.