Oil was down 21cents to close at $140.00 even.
Gold was down $3.00 to $928.30.
Dow was up 3.5 points top 11,350.01.
Don't forget that this week only has 4 trading days.
Today was sluggish by any definition. Up over 85 points by 11:30EST, the Market started to tail off with one last attempt to pass 11400 between 2:15 and 3:30EST.
With the fact that trading will not be taking place on Friday due to the July 4th holiday, we could see (Wednesday probably do to news) some major movement, we believe to the downside. It could start downward on Tuesday and then pick up momentum on Wednesday.
That is if oil hangs tough around $140 per barrel. If it sells off for some reason we might see the Dow drift north without conviction like it did for the first few hours of today.
Stocks that we are into that did well today are GMCR,IPI,MER. But we look for more downside action from the IYR.
Inflation is still on and will not be assisted by unemployment later this week. Gold(GLD) should perform well until Bernanke steps in.
Look for the EU to raise rates this week, and crush the dollar further.
Good Fortune from Trade-Equity.com!!!
Monday, June 30, 2008
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