Trading Today

A pre-holiday session.  For the S&P we see an early rally because there have been no surprises so far this morning, the 1260 to 1290 area is kind of a no-mans zone, a close outside of this area would be significant.  Oil remains the factor to watch.  As we mentioned late yesterday, we have added to short oil, gold, and commodity positions.  For gold this is something new for us as we have talked about waiting for the $ 750 area to wait to buy, but things have changed and we are now short gold as of yesterday.  Our net long / short position for the total portfolio declined to 23 percent long yesterday as we added the gold and commodity shorts.  Some would not count short gold and commodities as a hedge to long stock indexes, but everyone to their own.

8:11 AM CDT