Toni Hansen is a bit more on the bullish side intraday, but she feels it's not the best action yet. She would have liked to have seen a bit more downside first to flush things out a bit more before a bounce.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for December 20.

Consumers can’t make money from rising house prices. And they can’t borrow money either. All they can do is to spend the money they earn. Ouch. Ouch. Yes, a recession is probably on the way.

Although there is still room for another lower low on Wednesday, Toni Hansen would expect a bit of upside and continued overlap into the weekend as volume declines.

If it is true that Americans are the world’s champion consumers, and if it is true that China imports much of its commodities for the purpose of making stuff for Americans, won’t Chinese demand go down with U.S. consumption? And won’t commodity prices crash rather than soar?

The most market-moving piece of information from the BOE minutes will be the vote count, as just a few additional motions for a rate cut than traders are expecting could lead investors to ramp up speculation that the BOE will indeed make monetary policy more accommodative again in January.

Following the FOMC’s 25 basis point cut on December 11, the committee's policy statement made a point of keeping all options open when it comes to the next meeting in January.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for December 18.

Further downside into Tuesday or even Wednesday is going to be in line with previous price moves of this sort.

Mike Paulenoff expects the Gold ETF (GLD) to thrust to the upside that initiates a new upleg within the longer-term pattern off of the October, 2006 low.