Nothing Really New
Please refer to the last two days comments, they still hold as our views.Â Our best guess is that a modified rescue program will be enacted in the next week. Gold and oil have tested the top of their trading ranges this week, while the S&P tested the low of its range.Â We probably will cover our short T-bond position if we see a spike down to 115-16 area today.Â
Just as an aside, to us over the past few months there have beenÂ some outlier price quotes that the markets have set outÂ as high water marks that will not be tested for a long, long Â time, like T-bonds at 123, Oil at $ 147, Corn at $ 8.00.
7:30 AM CDT