Wednesday, June 29, 2011

6/29 pre-open

DJ futures 52-day M/A is a good target, 12,329.  Short-term timing component declines back under 10.5 tomorrow indicating today at close is the spot.  However, technical momentum is now present and the daily technical composite is in the process of reverting to the mean by declining to +4 or below from +14 as of yesterday's close.  This means that depending on the force of the rally the odds favor some carry-over after the close into tomorrow. 
If we get a strong extension of the rally today I'll go short a small amount near the close.
PM1 bottoms 7/13. Gold rallying to 1520.5 gets me short, silver at 34.70.

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