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Summer Reaction from the e-SPZ and Spot Gold


So far, the e-SPZ (e-mini S&P 500) has pulled back just enough to fill a small percentage of the upside gap area left behind after last evening's post-Larry Summers Sunday opening.

As of this moment, the hourly pattern is not providing enough clues to suggest that the pullback is over and a new upleg is in progress, or if it will roll over again and decline to fill more of the up-gap area between 1692 and 1683.75.

The action in spot Gold is particularly interesting because last night, it too reacted strongly on the upside, climbing about $20/oz, presumably responding to the same stimuli, but just as suddenly, and very curiously, gave back all of its gains, and in fact, remains down $7.50 as we speak.

Is there a message in the divergent reactions between the e-SPZ on one hand, and on Gold on the other?

In any case, is Gold attempting to carve out a meaningful corrective low from its Aug 28 high at $1434.05?

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