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Current Conditions:

We were of the opinion that an announcement of some plan from the Euro Summit would spike the S&P to at least 1275 at which time we would take profits. We still feel that some word of a deal or a plan to have a deal will get us there. Market direction and tone is now solely up to Europe.

Current Positions:

S&P     Long    1227    Target  1275

HG      Long    3.222   Target  3.900

CL       Long    89.30   Target 96.24

SI        Long    32.70   Target  37.00

AU      Long    1630    Target  1850


Market Behavioral Analysis:

We remain in expectation mode. Yesterday saw disappointment and doubt of a deal and the effectiveness of any deal. Commodities remained strong however, the new breakout in Gold and Silver along with a strong US Bond Rally, indicate fear of economic collapse emanating from a no deal outcome.

The bottom line remains that we are in a generational (Kondratieff Cycle) credit destruction, correcting 50 years of over spending and excessive borrowing. The Fed and ECB are and will print fiat until the conflagration burns through all savers wealth.

Econ News:  

Durable Goods                        8:30am

New Homes Sales                   10:00am

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