May – October Trading Ranges

Here is an addition to the S&P and T-Bond trading ranges mentioned on Friday.  We are looking at a Gold range of 1275 to 1525 for the same period.

Part of the dilemma of the Fed is no doubt that both the deflation and inflation risks, as we measure them, are pointing lower at the moment.  This is probably becasue FED intervention has truly created markets that do not work.  We will expand more on this later this week.