Washington, Markets are not Important at the Moment
The Supreme Court nomination and Health Care Reform are center stage at the moment. This leaves all the important market stuff in limbo for the moment and may continue in this vein until mid June when sprucing up the quarterly numbers will move back on the page. Rotation will continue and we will try to get our short positions increased slightly on up days towards the S&P 905 area. The areas where we are selling out positions at the moment are commodity oriented, ETFs like DJP, MOO, GDX. These positions have been rallying during the rotation but the upside is limited.
Longer-term, when the S&P market catches and starts to move higher, possibly S&P 815 in mid June. we look for the big thing to be a long dollar, short gold play.
So for the moment we are keeping our powder dry and probably will not be posting much this week.
The EMA ETF Fund NAV was 1156 at Fridays close.
8:09 AM CDT