Welcome to a summer of a market that will probably just back and fill all summer long.

I have been saying for a while that I believe that the S & P is going to make one more thrust up to the 935-950 area. At that point I will be looking to put on short positions. We have finally gotten that thrust up but it looks like it could push up through it to the 975 area. We did jump at another Ultra- Short. This one could be a mistake. Put a Sell Stop in at 25.5

I think Gold is still bullish. It appears that the weekly and monthly charts are holding, but we are bumping up against some resistance numbers. I am not sure how it is going to pound thru it. I believe that the gold market has already made the correction and is now gearing up to move to the upside. The divergence between Oil and Natural Gas continues but not as bad. We will stay with these two positions. It appears that Nat Gas might falter again but Long term it is a hold

Current Long Portfolio:

Long GAZ Natural Gas @ 45 It closed at 17.8
Long USO ( Oil ) @ 32 It closed at 37.5
Long RJI ( ET Note for Commodities ) @ 6.1 It closed at 7.1
Long GLD ( Gold ) @ 88 It closed at 92.3
Long GLD ( Gold ) @ 90.1 It closed at 92.3
Long SZK (Ultrashort consumer goods) @ 62.5 It closed at 64.3
Long SRS ( Short Real Estate) @ 18.1 It closed at 20.1
Long TLL ( Ultra Short Telecommunications ) @ 32.2
It closed at 25.7 Put in a Sell Stop at 25.5

Current Short Portfolio:

None

Recently Closed Positions

Feel free to email me at angelo@stockbarometer.com if you have any questions or comments.

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By Angelo Campione

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© 2009 Copyright Angelo Campione - All Rights Reserved
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