Postions

Morning
Well the market is taking the hits from every angle at the present time.
The rating agencies came out again and downgraded basically all the banks, who prop trade...LOL
I think there a little late for the MF Global Clients..

Its also interesting to see that over the last 2 trading days that most of the move in the ES has occurred during European time and not US time..

Astrological view.
There isn't much today to support either up or down,
But Thursday and Friday is a different story.

Personal View
Didn't think the market would hold the 1200 level.
This move up has been nothing more than a short covering rally, and not new money coming into the market.
So for the bulls the gas is or has about run out.
For the Bear get ready for offense now..
There is another nice power move coming Friday .

Disclosure
I am short ES DEC 1201-1202... short FEB gold 1721.00

 AS ALWAYS USE THE ABOVE AS AN INDICATOR TO YOUR OWN WORK.
Cheers
As this is being written ES 1189.25 Feb GOLD 1711.10