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Quick market notes

The 50-day MA is falling quite rapidly down to the market, now at 1207 down from 1220 where the last rally failed. It´s interesting that yesterday the market ran out of gas at 1195 and today at 1184. In other words it´s giving up at minor resistance lines. 

This market is without much conviction on the bull side.

Commodities are very weak today after a good run with stocks. The dollar lurks, off a recent high.

That big drop in gold and silver at the weekend was a warning shot. Short sellers are testing the defenses. It should be a bit disconcerting to holders of these "safe haven" assets how unsafely they act and how fast they fall when encountering meaningful selling pressure. In fact they seem to act like stocks with a large number of traders with tight stops. Best of luck, g,