DAX led the way down to punch through 20 day lows. Indexes did trend day down mode after an opening gap up of greater than 4 points. As usual, the bulk of the move was over by noon. Any morning reaction up in the SPs will set up 30 minute grail sales. Any early morning push below Thursday’s lows can set up a buy but for a scalp only. Gold pushed to new 20 day highs. Any consolidation towards the 120/240 minute EMA can set the stage for further trend up. Gold had an upside breakout from a good sideways line (see chart) and can stay trending higher as long as it does not close back down into the prior range (1355). Coffee – nobody can predict just how far a market can trend up or down! The coffee crop was compromised by a record drought in Brazil. The market went from an expect surplus for the coming year to a possible shortfall.