I don't know about you but I'm having real trouble with this being Tuesday. These Monday holidays always mess me up.
I've received several emails enquiring about the end of the summer doldrums. "How will we know?, they ask. "When will it be safe to get back in the water?", they want to know. Frankly, the end will start like today. A massive, short-covering spike on no real news that catches everyone off guard.
Could today be the end? I doubt it. If it were a month from now or if we were closer to doing some serious, bullish technical damage to the shorts, I'd be more inclined to believe it. For now, just enjoy seeing all of the green. Here are charts of the Big Three. Crude is the main one to watch today as a close back above $96 would make me very nervous if I was short and crude moving back toward triple digits will provided added strength to the PM bid later this week.
PLEASE take time to read this today, too. I don't know who this author is. I've never met or corresponded with him. However, not only does he have a 100% spot-on take on the Evil Empire and all its ugliness, he's 100% correct on the fraud that is the financial planning industry, too. Yes, there are good investment advisors out there but they are very few are far between. If you are currently working with one and he/she is advising you to "diversify" and "asset allocate" to "manage risk", while at the same time disparaging gold, silver and hard assets, RUN DON'T WALK out of this person's office.
I have lasts of 1510, 34.97 and 96.48. A nice way to start the week. More later. TF