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Just to make sure end-of-day readers are aware, I am going to be "summering" for the next couple of weeks, so things might be a little less frenetic here (Friday afternoons notwithstanding).
It seems to me that, for the short-term, the market is hemmed-in between about 910 and 935 on the S&P 500. The bulls have the full range of 880 to 910 as support (30 points of muck), and the bears have the full range of 930 to 960 as resistance (likewise, 30 points of muck). So things could be a bit ho-hum here. It would take something really dramatic (oh, I dunno, like a North Korean missile aimed at Hawaii?) to punch through one of those walls.
I've got packing and driving to do, so I'm done for the day. Thanks for being part of Slope, and hey, if you're a lurker – get in there and participate! Bovine and Brinkley can't do it all, ya know!
Well, summer is upon us, and so is my family time in Tahoe. Don't worry, I'll still be "hitting the Slope", but less frequently (long-time readers are rolling their eyes right now, but this time, I mean it. Honest. Now stop that).
A reader send me this interesting article about how two men were detained at the Swiss/Italian border with $134 billion (that's billion, with a "B") in bonds. Karl Denninger adds commentary to this as well.
Sorry to keep harping on this – – particularly to those who belong to the First Church of Precious Metals, but I'm just ga-ga over shorting GLD right here. It's (a) a clean trend break; (b) a terrific failed pattern; (c) has a clean-as-a-whistle stop; (d) a great risk/reward ratio.