Friday, January 26, 2007

Morning Market Comment 1/26/2007

I've been actively trading already this morning. Up at 5 a.m. for more activity in gold this time on the short side this morning down to just under $642. We will retest $650 again soon enough and stay above that level. One of my largest holdings remains GLD.

Crude was able to bounce off its 5 day moving average yesterday and is nominally higher this morning by 24-cents. This could be a shorting opportunity if it breaks yesterday low, conversely a long opportunity especially if the bulls can make a run back to $55. I am personally long this morning. Don't underestimate the contango play.

Overseas stock markets were weak overnight, while U.S. stock futures are mixed. Microsoft is up 54-cents at $30.99. More after the durable goods orders data comes in at 8:30.

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