Goldman Sachs made spectacular profits, partly because of their trading skill and business acumen, and in large part because the US taxpayer bailed out their counter-party risk. The market asks the question that in a deleveraging world, what will Goldman's future look like.
The US dollar teased and finished at the high end of the channel on the hourly chart.________________________________________________________________
The US dollar had a counter-trend rally against the Canadian dollar (CAD), but that looks tired...(net long the Canadian dollar via FXC)______________________________________________________
Goldman Sachs might have juiced the recent action, but it's been CRUDE (August 30 minute futures above) that have correlated better with overall market action. The central planners have fought the twin "perils" of volatility and deflation.__________________________________________________________
The SP500 rallies to resistance (the 50 period moving average)...with underwhelming volume.__________________________________________________________
What will be Wednesday's theme? Thirty-one of ninety-two of the "100 MUST" space show NR7 setups (narrowest range of seven days)...that means an above average chance of price expansion (no direction predicted).
Monitoring the "triple threat" of the US dollar, Crude, and financials should help direct us.
Best news? The "small cap" rallying space has crept upward in number.
Worst news? The 100 MUST Gann signal low space tonight checks in at zero.
Good trading and great risk management to all.
Educational use only. Never intended as investment advice.
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