Friday, December 29, 2006

12/29/2006 Morning Market Comment

Posting is going to be limited today ahead of the looong weekend with the extra day in most markets next week in honor of President Ford.

Apple (AAPL) is the big news today (click here), perhaps the intrepid Jan90 call buyers of the last few days will end up being right.

WTI bounced off of $60 and no doubt will be challenged again amid the warm weather... but check out DT's blog.. he's not throwing in the towel yet WRT to cold returning at some point: As noted earlier in the week the $57 area is the big long term area of support, though many shorter term areas would have to be taken out first.

Gold/dollar... the Euro is up 35 this morning, while gold touched $638. Demark studies are showing that a close above $638 would be an ideal and bullish signal.. we're getting quite close. The recent turn up in the Euro vs dollar has clearly been beneficial to gold.

Have a happy, healthy, prosperous and blessed New Year folks! Thanks for reading! I was out with my son and daughter for Chinese food the other night and somehow the subject of their great-grandmothers came up. My paternal grandmother lived to 97 and my maternal grandmother in Korea, their great grandmother, this wonderful, small little woman of 4' 10", is still alive and holding her own at the age of 98. My 6 year old was not impressed by the longevity of the great-grandmothers and said, "I don't want to die, I want to be a kid forever." With that statement the barrage of steaming dishes arrived and the conversation changed. But my son's statement lingered on in my mind. For a six year old, he's a perceptive young guy, already aware that time and the changes it brings does indeed march on.

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