MARKET UPDATE

We tested the lows and survived. Could this bounce be fake and we could head lower in the last 2 hours. That we shall see. Alot of traders are nervous and nobody wants to be long going into the weekend. Even going short may not be palatable too most market participants. Financial have once again been the weak link while the gold and silver sector has soared. GLD SLV UNG and DUG have all performed for me today. There has also been strength in the Russell 2000 small cap stocks. I continue to sit on plenty of cash which I can put to use once the direction becomes clearer. If today was a successful test of the lows, we should be moving up. Therefore I would be inclined to go long. But I will not take any position till Monday because anything can happen this weekend. Who knows, a major wallstreet bank could go under.