The stock market put in a tremendous upside day on Friday and caused bullishness around the world to go up even more than it's been. The NASDAQ Comp managed a new relative high along with Russell 2000 which made a new all time high. The Dow and the SP500 failed to confirm. So, those of you in Russell 2000 type stocks are having a good time along with those of you in the home builders and retails. Life could be better for us if the SOX would finish this little rally phase as it has been struggling to hold up for about year. We remain short these type of stocks, QQQQ for one.
The precious metals have taken another breather but if you look carefully at the mining stocks they have managed higher lows ever since their lows around May 16th. The mining stocks are reminding you politely to buy the metals especially since they pulled back slightly the last couple days of last week.
It's a new week and a new point for the market to try to balance itself on the pinnacle. We continue to think there will be a reason to sell stocks pretty soon. The backdrop is just right for a fall with the sentiment being so very bullish. Take precautions if you are in technology type stocks for sure. With interest rates continuing to move up at the short end of the curve and the oil staying above $60, it's only a matter of time...
Dow Industrials: 10449.14 +146.85
BGEIX: 11.12
PS I've added another wedding picture, sorry you have to have a look at me. I'm the one standing next to the bride, no not my son, the big guy.
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