Wednesday, May 7, 2008
MidWeek update
Note to self:"the S&P500 closed above the midpoint on the 360 degree trading channel. Does this mean we will retest the old highs by November? Or could it mean the long awaited short covering rally is about to begin and we could retest the old highs much sooner. If Russia and Brazil have been buying the $USD, are commodities going to tank? Why would Golden Slacks be predicting $200/barrel oil unless they were wanting to build a short position? Can a former mortgage trader/hedge fund manager climb 200 feet in the air to work on a wind generator? Can the markets keep the yield curve steep enough for the financial sector to recover? Or, will the FED have to stave off inflation and the long end of the curve go sky high which would deflate housing prices even further? Is the Savings&Loan crisis left by Ronald "De-Regulation" Reagan, starting to look like a drop in the bucket to the problems we face now? Things are sure starting to feel like the '70's and '80's. I think I'll continue to focus on my short term trade indicators.
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