It’s hard not to view current levels as a good buying opportunity, particularly after such a sharp correction.

It’s hard not to view current levels as a good buying opportunity, particularly after such a sharp correction. However, the shorts that piled in on the move downward, especially in gold, are finding some resistance to the upside as they look to cover up. While the precious complex is off its lows from overnight there still seems to be some downward pressure as equities continue to defy gravity and concerns of global growth weigh on commodity market participants. With a relatively quiet day on tap, from an economic data standpoint, it would make sense that investors take a breather and reassess the situation. The Fed will release the Beige Book, a reading on the present condition of our economy, at 2:00 PM EST but it’s not expected to reveal anything new. We’re still early into the corporate earnings season and while some reports may have already disappointed there’s still plenty more that could support a push further into record territory. Have a great day!