TGIF!

Good morning,

First, I would like to send out a Happy Birthday to my friend Phil Sullivan. I'll be firing up a fine stogie in your honor later today! Have a great day!

It's 5:41 AM EDT and I'm wondering about what might happen in today's trading session. When I submitted yesterday's entry the DOW futures were only down about 180. We all know what happened next. The Dollar/Yen is trying to stabilize but I think it's just a temporary respite as the market just challenged 118.23 and failed miserably. The DOW futures are down 68 right now but that can change in the blink of an eye. If the equities markets show signs of another meltdown the Dollar should follow. It's going to be a long, hot summer as we continue to see the credit markets disintegrate before our eyes. All the "newfangled" products that took all of those mortgages that weren't worth the paper they were printed on have all turned ugly and those left holding the bag aren't too happy about it. These investment turds are really stinking the joint up as more bad news related to the sub-prime market comes to light. Caveat emptor! Buyer beware. It's a cruel world out there especially in the financial markets. There are plenty of con games still in play so please be careful.

Regards,

Dale F. Doelling
President and Chief Market Technician
Trends In Commodities