Day Summary

Markets tanked more than I was expecting, holding lows though, Dow rolled over right from 50 dma but short term I think its bulls game to lose if we go down from here to new lows. The action today was in all commodities, gold oil, nat gas, grains, currencies followed thru on yesterdays decline. I think we may have a short term top in gold after a while. Grains seem to be topping too, but long term story and uptrend in these things is not over yet. Oil still is holding the best. Surprisingly dollar didnt rally today even then all these commodities cracked, they are showing relative weakness now. Only 10 yr t-notes and yen are still holding well and a little bit of swiss franc and euro. Sterling, Aus Dollar and Canadian Dollar are consolidating. Nat gas is fdown close to 16% down from where I sold, as they say it takes stairs to go up but elevator to come down and nat gas has wiped almost 1 month of gain in three days.