S&P 500, Haven for Short Term Players
The one-two punch last week, end of quarter spruce up, and beginning of quarter pension fund buying, put a short-term bid into the market and continued the rolling trading range that we expect to continue through the remainder of the year. I do have to admit that the enthusiastic bidding at the top of the trading ranges always seems to surprise me.
The deflation aspects that are lurking in many markets continue, but trading range action remains the course of action for the various commodities including gold. As such short-term traders will continue to find this an interesting summer.