Wednesday, July 9, 2008

One day rally?

Today we will see if U.S. equities can put it together for two days in a row. I'm skeptical. After all, not much has changed other than cheaper equities. I actually think it is a good time to buy commodities on the dip (NOTHING HAS CHANGED). Consider the dip:

MON
POT
FCX
XME
GLD
DE
ATI
KOL
XTO
UNG
USO

Also, watch FXI/FXP. FXI is touching its upper trend line (intermediate term). FXP might be worth a trade going into tomorrow if equities can't hold.

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