FOR MONDAY: (8/8) Was the employment report a game changer? Too early to tell. While some profit-taking will set in on Monday from overdone conditions, we may not know right away–and if no breakdowns/breakouts happen, we have to stay open for pattern completion on many of the markets rather than getting stuck with a key weekend cycle turn here. Still, a fear cycle tends to dominate next week and it may trigger exaggerated action. Deeper pattern completions to 1312 on gold, 1887 on silver and 129.60 on the pound and higher to 9757 on the dollar have us thinking that maybe S & P 2218 has a chance if we don’t get a big breakdown soon.
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