POssible set up, operators will try and PUSH the market UP at the open, and distribute more stock to the lemmings. ENd of month markups, might include taking some profits.
VIX narely budged along with put call ratio (CPC) as if sell off was a yawner, no worry. Market may need to work off short term oversold, but market rallied from a rather neutral position earlier in month and so any intermediate oversold didn;t materialize for stronger base. Leaves me to believe when seasonal strength wanes, some SERIOUS selling may ensue.
SILVER still showing weakness in relation to GOLD. Gold Bugs hardly mention this action. ONLY WHEN we have TRUE flae up in inflation will gold be the place to be, or after everyone begins talking about Deflation again, would some inflation be possible. Money worldwide would be printed to get out of that scenario, you would WANT to be holding some gold and unhedged gold shares. I am choosing to wait for now, unless SILVER can rise above $7.60 or so.
I also expect today's action to be light on VOLUME, as some traders choose to get away early for vacation. THIS also sets up ossible intra day reversal to downside after opening push fizzles on low volume. IMHO
5 YR notes at 3.74% 10 yr 3.94% FED FUNDS 3.25% The Greenspan conundrum, but not for us!
if you would like me to continue pre market and after market comments in this manner ( I will still post my usual links etc when I can) let me know. Duratek@yahoo.com
It may be that I do this 3X a week like M
ALL have a great weekend and Holiday. G-d protect our fighting men who are in battle as far as they know to protect our way of life and freedom, regardless of Bush agenda!
Duratek
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