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Whipsaw Monday

|Includes: SPDR Dow Jones Industrial Average ETF (DIA), ZSL

The first three hours have been crazy and volatile. The Dow (NYSEARCA:DIA) opened down 75, cut its losses in half, then was down 95. Things turned around after good economic reports at 10am, showing both improvements in the ISM Manufacturing Index and Construction spending, both numbers were forecasted to be down. We rallied to up 65, but that was short lived. We are now down 65 at 12:30pm.

Financials are leading the way lower currently. The Direxion Triple Short Financial ETF (NYSEARCA:FAZ) has gone from under $64.50 to over $69. I had looked at rebuying some this morning but decided to pass. I also looked at Molycorp (MCP) under $31, but again, decided to pass. I settled on buying the Proshares Ultrashort Silver ETF (NYSEARCA:ZSL), as I believe commodities will continue to drop, with the metals being led lower by copper. Until copper gets to the $2.75 area, I can't be a buyer of metals or the markets.