Tuesday, June 9, 2009

Headed Down?

Yesterday was a very interesting day and many traders walked away with the attitude that it was a good day because we rallied at the end of the day. I am concerned as I saw many of the stocks that I consider to be leaders drop on higher volume. The futures are almost flat here, but I am looking for a down day. At the current time, the DAX futures are above the 5000 level and I need to seem them go below that level for us to get a really nice "correction" day in our markets.

There is a lot of talk on FOX this morning about how small business has been limited in terms of their normal credit during these trying times and that will hamper true economic recovery. I like BOOM here and think it will go much higher unless the market gets hammered. I would love to have a pullback day here for the market and get the opportunity to buy this one at lower levels.

The energy sector is going to continue to rise in my opinion. The dollar is going to fall slowly and that is going to cause the price of oil and gas to rise. DID I MENTION THAT FOX NEWS REPORTED THIS MORNING THAT GASOLINE HAS GONE UP 41 STRAIGHT DAYS AT THE PUMP? AND PEOPLE TRY TO TELL ME WE ARE HEADED FOR DEFLATION!!!

FCX AND X presented good buying opportunities yesterday in my opinion--and they will again, so be patient. I am looking to put some solar in my portfolio as the sector is on fire. I will have more analysis later on this sector.
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