It’s hard to say who got the worst of it yesterday, bulls or bears. Although the broad averages declined moderately, the selling did not significantly impact any of the ‘lunatic stocks’ save Chipotle. With the outlook for Wednesday looking like a coin-toss bet as we went to press, I’ve advised only a cautious play in the E-Mini S&Ps. However, if the stop on the trade is hit, that could herald a promising day for shorts. As for Gold, although it may have acted like it was sedated yesterday, the bigger picture remains encouraging.
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