· FOMC Meeting Weds 2:15ET
· Durable Goods Orders Thurs 8:30ET
· GDP Fri 8:30 ET
Oil Services and Gold are looking strong here. Stocks like RIG and SLB performed very well on Friday and Gold is making another run at $1000 an ounce, however watch GLD on a yearly chart as it is approaching its down trend line resistance. Barron’s released an article saying “big oil is a buy.” Whether it’s true or not if the big boys are beginning to buy, it usually pays to jump on the band wagon in that case.
Again we are in a bottoming process that will probably last for many months. We continue to be range bound between the $800 and $850 level on the S&P so tread cautiously until one of these levels is broken to establish a short term direction.