We all know by now that the world did not end Friday when the USA reopened for trading. It seemed that Dubai was one of those "everyone knows it" news items and since there is still such a call for a correction it seemed to easy to call it to begin at that time.
Sure enough, the low was set near the cash market open. Gold was off 60 bucks and came back to a mere 13 buck loss. Volatility readings closed near the low end of the day's range. And no trendlines were broken.
I am not going to speculate on what will happen Monday and even so that has to be reserved for paying subscribers. But if we go by the sentiment angle, things are not so bad.
Monday, I will have an article in the monthly trading strategies section on www.marketwatch.com on the dollar. This is likely more of a factor than Dubai, at least on the US markets. Sucker banks who financed Dubai may be another story.