Still Ugly

Not much good in the market today.

I am in New York and it is sizzling. Something about the humidity that makes Phoenix seem cool.

I am glad to have sold the emerging market rally last Thursday and Friday. I think a low is still in for the short-term so will nibble on a little TRF in the 50’s.

I am not adding to gold. I have enough and there is no buying in site.

It will become more evident every day that the FED is close to cutting rates to keep this market above 10,000 on the Dow. I think we can get that low this fall before the spiggots open again.

I think that the commodity explosion has run it’s course but we could see one more big run going into next year as the Fed eases. I am beginning to think that he last run in Copper, Silver and Gold could have been it, but I am still long this pullback. My stops are getting tighter as no real bounce has materialized.