More Market Churning…………….Update at 9:22 AM
Friday the S&P 500 ran up to 927, right at the top of our 906 – 926 trading range. This morning the market is close to the bottom of that range. The FOMC meeting this week will probably be a factor in market action.
From a macro viewpoint the most important market factor, however, is the strength of the dollar and weakness of gold. Commodities are as vulnerable as stocks if the areas cited last week are broken.
The EMA ETF Fund Nav was 1164 at yesterdays close.
8:15 AM CDT
UPDATE: WE just sold out our QID (Double Short Nasdaq ETF) position. This makes our net long / short position close to neutral…ie we are long stocks and dollar , short commodities and gold. This is just a trading move, the FOMC will probably give the market a lift to the top of the trading range later this week.