Everybody's waiting. We hit theoretical Dow lows of 10,873 in morning trading and highs of only 11, 066 by 3.15 p.m.
Gold slightly consolidated but held. A close below 1300 would move us bearish on gold short term. Silver held stead.
All the major soft commodities (corn, potash, wheat, and all agricultural products and services) took off, on global needs and a new
safe commodity.
The market is at a turning point. We will continue only trade one signal and only buy it at the right price. I know it's not exciting to not win every day as we did for 6 weeks, but this is too tight a market.
We are bullish for the short term. Any correction deeper than 250 points would raise our eyebrows, and any one below that is merely healthy consolidation.
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These slime should know. They created much of the first recession:
http://noir.bloomberg.com/apps/news?pid=20601087&sid=aJi7lXBGSi3U&pos=6
More facts:
*In 2008 the largest # of shares traded on the big board was 11.1 billion; this year we are averaging only 4.9 billion shares.
*Chinese credit card balances have risen by 17.1% in 2009. Sarcastic spectators such as Floyd, noting the number of McDonalds and KFC's opening in China, predict the average weight of Chinese will increase by 30% within two years.
*On Friday Big Benny speaks at a conference on monetary policy in a low-inflation environment, perhaps shedding more light on the central bank's intention.
*GE reports results tomorrow before the market opens and may affect futures.
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