Wow, New highs in gold at 1115.80..SPZ at 9 month highs, above the 1,100 level…Ditto for DJZ up at the 10,300 level…Corn up a penny overnight, Wheat up 7 cents and Beans up 10, looking at the 980 level…Obviously we are ignoring USDA numbers and going with the commodity speculative flow where we see money pouring into Corn as a hedge against a correction in the outside markets.
Dollar is at a 15 year low, and now it seems that every local newscaster on the 6 o’clock news is a currency speculator/commentator…Come on people, that used to be the job of Lew Dobbs alone…Anyhow, Nothing gets prices higher like higher prices…
On another note, I read an article last night which noted that the public, surprise, has stayed away from this 4000 point rally in the Dow… From 6500 up to 10,300 plus…Only 7.9 Billion of inflows came in…This article noted that in a “normal” market the inflows over the last 9 months in a rally market would have been around 150 Billion… This money is waiting on the sidelines… At some point its going to come rushing back in as pent up demand…Who knows, that kind of inflow could get us back up to the 12 or 13K level in Stocks….Momentum investors will continue to drive these markets…
Today is not a good day to be short.. I don’t think…Don’t want to be short anything…
Good Trading
