Good morning all,
Well, the Stock index futures continue to move ahead and, more importantly, the DOW futures made a new contract high in conjunction with the new all-time closing high in the cash market. So, for now, I'll be standing on the sidelines in these markets waiting for the signal that it's time, once again, to get SHORT. If you look at what's actually keeping these markets afloat it's extremely hard to make a bullish case for stocks but the markets rarely trade in a logical fashion.
The good news is that Gold remains firmly entrenched in its current bullish trend and our target for $800 by year's end remains intact. The downtrend in the Dollar continues and this will obviously provide more fuel for the Precious metals markets. We've been long the Interest rate futures and maintain our target of a 3% 10 yr. note yield during 2008.
Dale F. Doelling
President and Chief Market Technician
Trends In Commodities
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