The market continues firm since my last post. The S&P is up about 9 points to 1233. Bonds and the dollar have not changed one iota. Let's be honest. We are in the summer doldrums. We have had a China revaluation, lots and lots of earnings, Greenspan testimony, and the usual economic stats, and nothing is moving the markets very much. Volatility is so low its hard to sit through a whole day of trading. What are you e-mini traders doing?
It would not surprise me to see stocks continue to creep higher. I'll try another short at 1250 on the S&P. I'll stay short bonds untill I see economic weakness and I will start thinking about a short dollar position if the euro falls to the 117-118 area.
There is a lot of talk lately that oil has reached a short to intermediate top. This will be important if true. Energy stocks have been the leaders that have pulled the market higher. Financial stocks have lagged. Some of the big banks in their earning reports had lower net intest income because of the flat yield curve. The other leaders in the market and the economy , are the homebuilders and retail stocks. They have had great runs and are near their highs, but look tired. If oil comes down, what's going to pull the market higher.
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