Knowing that, I will be watching price and volume to see if there is a bearish intraday pattern unfolding that looks as though it will unfold within those timeframes. If so, I will hold my position and look for a reversal back down where I can exit at a lower price, I hope.
But for all we know this news may just put the top on the market and we get much lower prices yet. Anyways, that was my plan as of Sunday night.
Stocks, Gold & Dollar Rising Together?
The recent few months I have been talking about how could stocks, commodities and the dollar rise together. While it sounds crazy we just may start seeing that happen sooner rather than later. The euro group appears to be willing to bail out the Spanish banks, and that should cause the euro to lose more value and send the U.S. dollar soaring.
Having more euro liquidity is bullish for stocks and commodities along with the dollar. For all we know this just may be the financial storm for American's nest eggs (investments owned in dollars) to rebound strongly over the next 12 months.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.