Spinning our wheels

The indices are back where they were on Monday after a reverse image of Tuesdays action. With the Fed on everyones mind and the big bad jobs report on Friday, it looks to me like tomorrow would be a nice day for golf or to hit the beach.

An interesting development has been the weakening of the dollar leading up the fed meeting which has been giving strength to Gold. Here is a chart of the gold index. It is right up at resistance and the 61.8% fibonacci retrace level which could cause a reversal. A lot of mining stocks are looking bullish so it may just barrel through.



Oil stocks closed a little weak and if they are pulling back here then HAL is my number 1 short. I would prefer to see an inside day that would give a tighter stop loss before breaking down.



Also, I just finished reading Intermarket Analysis by John Murphy. I will be posting a review in the next few days, but the short review is "awesome".

And in the funny lame section, I heard this song the other day on my satellite radio and was cracking up. Not sure why Joey Ramone wrote this song, unless it's as transparent as the lyrics. I found it amusing and I'm sure the CNBC viewers out there will too.


Maria Bartiromo lyrics

What´s happening on Wall St.
What´s happening at the Stock Exchange
I want to know
What´s happening on Squawk Box
What´s happening with my stocks
I want to know
I watch you on the TV every single day
Those eyes make everything okay
I watch her every day
I watch her every night
She´s really outta sight

Maria Bartiromo
Maria Bartiromo
Maria Bartiromo

What´s happening with Yahoo!
What´s happening with AOL
I want to know
What´s happening with Intel
What´s happening with Amazon
I want to know
I watch you on TV every single day
Those eyes make eveything OK
I watch her every day
I watch her every night
She´s really outta sight

Maria Bartiromo (5x)

What´s happening on Wall St.
What´s happening at the Stock Exchange
I want to know
What´s happening on Squawk Box
What´s happening with my stocks
I want to know

I watch her at the big board every single day
While she´s reporting you best stay out of her way
I watch her every day
I watch her every night
She´s really outta sight

Maria Bartiromo (3x)


Good Night and good trading,

DT