I am off this morning to visit the Money Show-Orlando which is playing at one of our high-end-convention hotels near the Disney World.....should be good fun... talking with market experts, looking for the answer man. Oh, wait! The last time I asked the Answer Man whether the market was going to go up or go down, he said Yes, but not right away!.
But I am repeating myself. It looks like the Risk Trade is again off this morning, as over night, the Dow is off 42 and the SPX is off 7. First call is for a gap down open. Lots of news on with wires this morning.. the ECB stepped in and bought the distressed Portuguese 10 Year Note that could not find a bid. Rumors that the Saudi government Prince has died, but the Saudis have not confirmed, Bernanke reminded the Congress that perhaps his QE2 program could not do all the Economic lifting, and that fiscal policy also had a hand. The action in the Bond market has investors re-thinking the inflation outlook, and watching the 2s30 spread that has reached historic levels. And lastly, lots of TA's are looking critically at the Transports non-confirmation and the major indexes making new highs while the RSI and MACD for the indexes are diverging sharply..
Oil is off this morning, trading at 86.37, Gold is off at 1357.19 and Silver is also off, trading at 29.79. The commodity complex is generally soft, with the exception of Sugar, and Cotton which is up another 2.5%. The 10 Year Note is off a few ticks, at 3.66% and the 30 yr is down a little, at 4.72%
We have several timing indicators which are signaling approaching tops for late this week and next week. Our last few timing signals were ignored by Mr Market.. maybe this time they will prove prescient.
I hope to be back at the computer before the close.. if the Momentum Change indicators get back to a Sell confirmation I want to be able to post some trading ideas.
Best To Your Trading!
Bill
No comments:
Post a Comment