The equity indexes continue to make relatively large swings with higher than usual intraday volatility.

I'm beginning to think that this consolidation is just that, a consolidation prior to pushing to new highs. I don't think that I've been able to pick up a magazine or a newspaper without reading an article about "how to prepare for the sell-off in stocks" or "what to expect on the way back down" or something along those lines. If everyone is thinking the same thing, it's usually a good bet that the opposite will come true.

In other markets, we saw a renewed sell-off in the Metals, and bonds continue to mark time. The dollar showed some strength against both the Yen and the Euro, and the grains slid a bit on the back of a favorable grain report.

Our TNR model netted a grand total of $151 on 5 trades... not spectacular, but with these wide swings, our stops seem to be getting hit sooner than the market can turn around. Tomorrow we are again calling for a reversion day in both markets.

Our open positions:

Contract	ctrcts	Open P/L	days on		Contract	ctrcts	Open P/L	days on
@US.P	0	$0	0		@NG.P	0	$0	0
@TY.P	-2	-$950	21		@KC.P	0	$0	0
@FV.P	-4	$4,988	78		@SB.P	3	$0	0
@EC.P	0	$0	0		@CT.P	0	$5,920	30
@JY.P	0	$0	0		@GC.P	3	$32,610	177
@CD.P	3	$3,370	25		@SI.P	1	$17,085	128
@C.P	0	$0	0		@HG.P	2	$81,950	245
@W.P	0	$0	0		@LB.P	0	-$57	3
@S.P	-3	-$200	2		@ES	2	$0	0
@CL.P	0	$0	0		@YM	0	$0	0
@HO.P	1	-$792	31		@NQ	0	$0	0
		Total Open Trades			$143,923
		Total Closed Trades			-$26,915
		Total			$117,008

Good luck, and have a great evening!