Uncertainty after the Japanese Earthquake(s) has given us increased volatility.
Position re-cap:
Short the crude from an average of 102.00 after the 103.50/60 level did not hold.
Long the dollar index from the 76.50 level with a stop near 75.00. That position gave us some profits last week. It remains to be seen if we will run up towards the 80 to 81 dollar level. At this point, its a winner with an upside kicker.
Last week I wrote about the double top in Dow Cash at 12,400. And the fact that 12,000 in Cash Dow and 1300 in SP cash would be key levels to initiate shorts.
Once again, I hope you did something on the short side there.
The grains are in flux. 3-1/2 month low in wheat may be a good buy. CK at 650 I want to buy on the first dip down.
ditto for 13.00 July beans. Buy the first dip down. Manage with a 3 or 4 cent sell stop.
That is all.
Hope you had a great weekend.
CER
