Sunday, June 27, 2004
S&P futures are up 3 points and gold is up a dollar this sunday. I think this week will be a sign of where we are going in the near term. Once the Fed announcement is out of the way wednesday, the market will have no more excuses. Now I'm not saying that it couldn't end up being a wishy-washy, trading range summer. That's a possibility. But I think this week will provide some insight and direction for the market. The supposed Iraq power turnover is wednesday also. As long as that doesn't turn into a full scale civil war, it should be a positive. We shall see. The gold trade that I have established is a toss-up. Perhaps I have gone out too far in time. The strike price I chose is right at resistance. However if the multiweek trend I envision does occur, this trade will work. And as always I will have my eye on the OEX for profit possibilities. Summer is just beginning and I will try to trade my best. It will require discipline, as always and some market insight on my part. The latter has been sorely lacking as of late.
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