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    Monday, June 9, 2008

    Easing into the new week


    It appears that we might see yet another reversal after Friday's big selloff. With regard to stocks, I remain flat, and any trades will be shorter term in duration (day trades or 2 days most). Non-confirmation remains a "problem", and my adjusted hold times have served me well the past 2 weeks. Consistent with a reversal type market, I'll look to buy dips and sell rallies (short), but keep consistent with my plan of booking profits rather than pushing for bigger winners. Some traders prefer to take time off during these periods, but I find decent opportunity still exists as long as I don't get too aggressive. No signal yet, but EWZ and IFN are new potential longs.

    Commodities continue to dominate the headlines. Unlike stocks, these are longer term positions for my accounts. I'll inform, via the ticker, when I accumulate these. For now, know I'm looking for entry signals in natural gas, corn, cattle, sugar, gold and/or silver.

    I continue to wait patiently for my short signal in bond futures (symbol ZB). This will also be a long term trend I'll play several times from the short side over the next year or more. Currencies peak my interest, with the Canadian dollar giving a buy signal. Be advised the Bank of Canada meets to decide on rates this week. The JPY (yen) is nearing a buy signal, too, but needs a bit of time to confirm.

    Position sizes remain the same as late last week, and I'll review/adjust by Wednesday this week.

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