Another huge down day across the board (hello grains?) led by a continually monster move in the euro/yen cross. Crude oil broke the $72.40 level and went immediately to $69.50, stocks continue to make new lows as the day goes on and money flow buying fails, and silver proves it is awful with another 60 cents down.
I would recommend that if you already have a profit in your short positions to hold at least some of them over the weekend. Before the big break in crude and the further collapse of equities Asia was already in bed and Europe was closing. As it happens with most crashes, we usually have an "Oh shit, why did I go home long Monday" where the Dow opens 500 lower. With half the world closed before these large moves today it is very possible that they wake up Sunday evening and run for the hills. I expect further liquidation Monday so I believe that unless the government comes out with another stimulus plan tomorrow there is little risk staying short.
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