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Its a new year. The bulls are out across the board. My advice is to buy dips, going with the market psychology for January, at least for the first ten trading days.

There is a lot of money on the sidelines poised to jump into the market. I wrote last week that the Cash Dow has 10,800 as a target. As of this writing, that’s only 105 points a way… We could be there after lunch… The broader S&P is being inexorably drawn to 1300. I’d be long looking for that print. We are 30 handles away from that nice, fat, round number target. Its […]

Its a new year. The bulls are out across the board. My advice is to buy dips, going with the market psychology for January, at least for the first ten trading days.

There is a lot of money on the sidelines poised to jump into the market. I wrote last week that the Cash Dow has 10,800 as a target. As of this writing, that’s only 105 points a way… We could be there after lunch… The broader S&P is being inexorably drawn to 1300. I’d be long looking for that print. We are 30 handles away from that nice, fat, round number target. Its […]

I have not written an entry in a bit. Today is the last trading day of 2010. As I write this, Dow Cash is bumping up against 11,600, S&P cash is bumping up against 1260. These are the highest levels since Oct 09, a fact that has been trumpeted far and wide by the “new” bulls who are waking up after hiding under rocks since the July 4th weekend this Summer.

S&P cash looks like it will run at 1280 and then 1300. If we get a surge of money jumping back into the markets in Jan we should head for those targets. There […]

Gold looks vulnerable to a pullback from current levels down to 1330 and possibly 1300. Silver looks vulnerable to a break to 25.60 and possibly 24.00. I would using rallies to sell into.
That is all.
Happy Holidays. December will continue to be a chop fest of daily volatility. Trade by appointment only.

Good Trading

March wheat has sold off almost 40 cents cents in the last 3 trading sessions. If you check my entries, that was a trade I suggested. I continue to like being long beans and short wheat.

That is all

The Dow Cash finally gave me my 11,469 print today. Traded right up to 11,499.70. Right now its 12:08 Chicago Time. I can’t believe we won’t get that 15,000 print, just to give the TV commentators something to crow about. Look for that Newsweek or Time cover (or some other weekly periodical) with a cover story touting the “5000 point OBAMA RALLY.. If they don’t they are missing a marketing opportunity..

Now its time for the Dow 20000 touts to pop up. Like a shooting gallery, they are sitting behind their office doors, waiting to be on TV… All I can say is Beware…

Next […]

Today is Friday, Dec 10th, about 9:51 AM. Crude is down .53 at 87.74, Four days ago I wrote that I wanted to sell the 90 dollar level as a new position. i would cover 2/3 of the position today. Take the money and run. It’s December, markets are thin and we risked one dollar. We were not able to get below 87.50. I like taking the money on 2/3 of the position, and leaving a buy stop above at 89.50.
That is all for crude for now.

I think its a good time to sell some fat cattle. I think I’d like to be […]

Currently short gold at 1425. The high yesterday was 1432. I had a sell stop below 1425 yesterday to enter the market on a stop market order. Currently the market is at 1391. I want to cover at 1384 to 1382. 1382 is a level I would consider getting long. Its the 1/2 way point of the recent 100 dollar rally which started with the low at 1331 on November 16th. I really like buying at 1382, however, I want a tight sell stop.
If the wheels fall off this rally, and the correction goes back to 1370, I think that is a gift. Have […]

If you have read my daily rec’s lately, you can see that I am a big fan of selling new historical highs. These give good trading opportunities. One dollar break on a one lot in gold is 100 bucks. 20 dollar break is a $2,000.00 opportunity on a ONE lot.

This is shaping up to be a key reversal day, in the metals, as the metals make new highs on bullish news from Washington, everyone gets long too late on the news, and the market punishes them for their decision to get long at the top.

That is all I have to say about that.

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Fed Chairman Ben Bernanke spoke on Sixty minutes last night. In general, it was a non event. I believe many folks got short stock indexes, got long the metals, and grains, looking for a surprise. Those who made large bearish speculative moves prior to this anticipated speech, most certainly were disappointed today.

As I write this, the Stock indexes remain firm, only down 17 points in the cash Dow and 2.50 in Cash S&P. The US dollar indexes move up to the 80.00 level and then backed off. However traders who were looking for a sell of in the dollar from some Bernanke surprise had […]