Well, this was suppose to be a do nothing day. Just when you thought things were looking up, we now have to be worried about Dubai billionaires defaulting on their loans.
The market is currently staying below a strong support level of 1082.50, which is now resistance. It is trying to stay above the 1076 level. If 1076 fails, we may see a strong correction to the downside. Large investors will be looking for more info on the Dubai situation, which may take a week or two. The market may be unstable for the next few weeks. It depends if we start seeing a lot of margin calls on commodities and currencies or not. Just have to wait and see.
Charles
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