Submitted by: Francis Soyer
This morning we have a gap up in futures as the major credit agencies re affirmed the U.S. credit rating at AAA. I am not expecting a bounce of any real consequence and am looking at 121 to 122 on the SPY's to see sellers step in. 115 is the first level of support if that gets breached the next level is looking to be 111 to 112.
Any short term gains on the SPY's or SDO's should be rolled into PSLV as this one in particular has been under heavy attack and is grossly over sold. PHYS has held up well in relation so the better buy is PSLV.
In Other headlines we have the following:
