{+++}The dollar fell to a four month low against the Euro in four months, and the lowest level in five months. Bill Gross from Pimco the largest bond fund on the planet started the paranoia when he was quoted on the wires that the U.S may also get downgraded by Standard and Poors, as you may remember the agency downgraded the UK yesterday or early this morning. It used to just be that stocks were downgrade, now entire countries if not continents are in trouble. Don’t get me started on Eastern Europe, there’s another shoe to drop soon.
It was a sloppy down day, with commodities leading the way lower, materials especially took a breather and the agriculture stocks took a well deserved breather. We have exposure to MON, the trigger was 92, it popped a buck and half or two yesterday and today got sucked into the vacuum a bit, the stop is 87.50. If you are still short CRM , it got pounded to your advantage in the aftermarket after weak earnings. The short is around 39 and it’s trading around 36.50 in after market. I would cover at least half for a nice profit in the morning. AXP triggered short but I don’t really “count” it because I have instructed you guys to try and avoid the first 15 minutes of trading. In this case it gapped lower, triggered and then reversed and went higher. If you were the first guy at the open you received a crappy print. Anyway the stop is $25. Early trading can be the wild west so please be careful.
We have a three day weekend coming up, so tomorrow should be weird trading, my bias is flat to down down as I don’t know how aggressive longs will want to be ahead of the break, and don’t forget the new fear of a credit downgrade for the United States is in the rumor mill. TBT traded higher today on good volume and was a direct beneficiary of the chatter.
Gold is acting well and although I’m not a goldbug, I can’t ignore some of the underlying stocks of the miners. Listed below is a chart of the double long gold ETF. I will see you in the morning.
![dgp DGP](https://www.upsidetrader.com/wp-content/uploads/2023/12/dgp-300x280-1.png)