Oil Slides On Dollar Rally, Futures Point Lower On Inauguration Day

Good morning everyone! As of this writing the futures are pointing to a lower open after Oil fell below $33 a barrel and the dollar gained just about 1% against the EURO. I know that a lot of people out there, especially news-casters, have been positioning themselves for an "Obama Rally" today. Well, the simple fact is that we might not see it happen. And, to be honest the more I thought about it over the weekend, people have been talking about this rally for over a month now. So, do you think that the markets already had the expectations of a rally priced in? Probably more than we all think right now. Still, it's what President Obama does after he is sworn in that will make a different in how the markets move. It should prove to be an interesting day both historically and for the traders like us who won't be in DC for the "Big Event" which is costing us $150M (or four times Bush's inauguration) during one of the most economic hard times for our country. Since, I'm from outside DC I know first hand how crazy it is here, and frankly I'm disappointed in it. Regardless, let's all stick to watching the charts for any indication of long term trend development. Happy Trading!