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    Friday, August 22, 2008

    Moving ahead

    So far, I'm content with what's on my plate. I booked profits on Corn futures yesterday, and initiated a short position in Treasury bonds, while "managing" my long gold trade. I don't expect the bonds to pay off immediately, and plan to take advantage of signals to add. Gold and other commodities could easily pull back for a few days, and that might provide a window to re-enter. In any case, today (Friday) should be quiet, and I prefer to get "heavy" early next week, rather than right before the weekend. With August almost behind us, I look forward to some significant opportunities in September, which is always one of my better months.

    By now, readers can tell I'm more of a "top down" trader, than "bottom up". This is a direct result of my belief that all asset classes affect each other, so the overall story has to make sense before I hone in on a specific idea. Considering the short holding times of a typical trader, it's far more important what tune the markets in general are singing. In my experience, even crappy stocks will rise in a strong market and vice versa, so be sure to have a feel for the markets in general.

    Today will be relatively quiet, with minor adjustments to positions. Get ready for September!

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