Thursday, July 1, 2010

Market comments for July 1, 2010

Quickly as I've little time and don't see ChartsEdge public yet (but their subscribers can see of course)... The euro is trying to stay up and same for oil and gold. And equities! There's an idea of a low tomorrow, will see. Makes sense in order to allow a rebound either into or right after the July holiday. Not to mention some new month, new money that should come in. Swing traders - we'll see how long it all lasts, because we're still thinking the $SPX targets 1000 or lower. For now, under 1034 points to the 1027 and 1022 as I tweeted yesterday. We'll have so see how it goes lower. Be VERY careful trying to play any bounce - if you're not nimble, it could burn you.

If the euro can manage to avoid a new low, hurrah - but I'm skeptical of course. If a new low, let's think about 112 $XEU (FXE). If not a new euro low, we should prepare for a good move up once the stock market bottoms.

Gold is a wild card. It could drop sharply from the apparent wedge. However, sone believe that gold and the stock market decouple (notice gold has been up as stocks faltering), so gold down isn't antithetical to stock indices improving.

Gotta run for now. Will post the ChartsEdge link when I can. Andre Gratian's subscribers are getting their updates. And everyone should still be looking at anything Terry Laundry posts. So - happy market navigating!

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