Traders, Be Short by 1:00 PM CDT
We are watching this early action today. Short term market calls are difficult at best, but the proximity of the optimum sell level and economic reports later this week tell us that traders should have short poistions in the stock market placed by a little after lunch today. The 1437 level may come up a little short, maybe 1433 would be a better level, or maybe even the safest thing is too just get short here at 1429, play it by ear as the day moves on.
The Iran talk continues, Pat Buchanan on CNBC’s “Morning Joe” today restated his belief that the Bush Administration is going to hit Iran sometime soon. Obama is close to tieing up the nomination, and Bush is getting edgy to make one more play of his “No Diplomacy ” foreign policy. This provides the last support to oil prices.