Early Thoughts

I am back from a few vacation days.  The stock market rally had more legs than I anticipated for this early in the cycle, but that was good for the investor accounts in which we retained our long positions.  Trader accounts missed this last stage, sorry.  Anyway, we are going to be dumping long stocks in investor accounts today above 1215 on the S&P and look for a 1175 to 1225 trading range on the S&P for the next few weeks.

The dollar back-off should be largely behind us and gold has had its rally to the 1700 resistance area.  It would appear that down the road that the Super Committee on the deficit is what everyone is waiting for as nothing else seems to be in play in Washington.  Welcome to dis-inflation when that kicks in.