Market Sign Posts
Some minor price levels are in play currently. The April lows were being talked about on CNBC yesterday and those lows were taken out on the S&P. It may or may not mean anything. Probably the most important sign posts are the March 2011 lows on the various stock indexes and the May highs for the dollar.
During this rollover period traders and investors are trying to hide in the long gold/short dollar trade. Points to watch on this trade are the 1552.60 resistance level on gold and the 73.91 support level on the dollar.
In the meantime we can watch Washington and the Fed. Are any of these entities going to do something measurable this summer? Unlikely…