MARKET THOUGHTS

tough to be a winning trader this week. but it goes with the territory . shorts will be exited at the close and a long position non leveraged will be taken in precious metals. we may have a few weeks to move up like we did back in 98 before we need to correct this .. low volume newsy correction. as soon as a topping or a stall pattern is evident new shorts will be taken quickly. we are still trading in those long term MAs which i spoke about late last week and this week. we may have enough of a move to break above them but with the low vol we may also get a better 2nd chance pullback . early earnings season is likely to be awful .. and the market could easily resist for a short time confusing most ..until it gives up again. the sell off in the summer of 98 was ugly. i doubt that the NDX will break the 2795 April top and will most likely need to dbl top and within a percentage area of that selling will bring it right back down. i love volatility .. but daily vs weekly can be exhausting. we have a new buy signal here, and i am long metals and will likely play the indices again, but im not going to play heavily leveraged as we move into the next 2-3 week even if we move up because this market is still unhealthy fundamentally as well as technically . so hopefully we get only another week or two to chop higher up to 13,5-13,700 for the DOw .. before we breakdown again and go well below 12k on the DOW. tough for me to say have a good weekend... but congrats if you went home this week a winner or even.

tough to be a winning trader this week.

You took the words out of my mouth. This was my best month of the year so far, but it looked a lot better if June would have ended a week ago!

These next few weeks could be very interesting. Fundamentally, we could have a lot of earnings be complete disappointments, but could rise off of low volume. This could all set up a funky topping pattern. But hey, no topping pattern is ever pretty.