by John Galt
January 9, 2012 05:15 ET
Today is going to be a snoozer. With volumes anemic and the start of earnings season which is a total crap shoot this time around, do not look for any dramatic moves in any U.S. markets today barring some shocking geopolitical event. The head of the ECB is not named “Tebow” and the 1,321 summit between Sarkozy and Merkel is beginning to resemble a marriage counseling meeting rather than a serious attempt to resolve the problems in Europe.
Watch for gold to either decisively move above $1660 this week or roll over and retest the lows as well as silver needing a solid break above the magic $30 again or it pulls back also. The U.S. Dollar is looking quite solid and the Euro is teetering above the 1.26 support level which probably will not hold as another failed summit will only cause the markets to shrug and continue selling.
Watch Goldman Sachs today as its chart is starting to break down further. If we see any negative outlooks from the financials as they begin to report this week, then the 85 support should be taken out rather quickly. GS will act as the leading indicator this week since there is little other news outside of the EU to move the markets.