The market went up again today and is giving you opportunities to sell into this strength. We here at the Wednesday Update think that the time to sell will be now until next Friday, Unemployment Friday. The volume today continued in its lackluster ways and we wonder if there really is trading going on. Since the market is up on low volume, all of the trading is due to be tested to the downside. In the mean time there is a holiday weekend coming up and the market is in that lift type of mood.
We mentioned in the email that this weekend holds some importance for the European Community and that has caused the Euro to get a little less attention in favor of the dollar. And, that should have put some pressure on the gold but didn't really today. There was some weakness in the metals sector but not much. We are looking to next week to see what will happen in the currency/precious metals markets.
There was some talk today about a silver ETF in case you noticed some volatility in the silver versus the gold. We have been kind of looking for a silver ETF along with the gold ETF and if that does come about it would give us another vehicle to trade the precious metals.
Have a great weekend and we will get back to you next week.
Dow Industrials: 10,537.60 +79.80 (above 10,500 again)