jun 03

8 a.m minor weakness, but looks like correction though. We should see a rally from the 930 region at least.

10 a.m. Covered 95 SPY sliver short @93.6

11:30 a.m Work has again swamped us. Our strategy is to reshort somewhere higher. We have a SPY sliver short order in at 95, we think it may get filled today/tomorrow.

12.00 Noon BTW, today is a bradley turn date. Google for it. There is another turn on June 6th. We don't vouch for astro indicators, but it is always good to know. On market action, our short positions and the PUT in SPY, dollar (L) and slv (short) doing extremely well. If the dollar has not already found a bottom, this nice bounce should set up massive positive divergence for the dollar. Our first target on the dollar index is 84. We believe before the end of the year or by march next year, the dollar index will take out 90.

1.10 P.M Covered some more SSRI for a 10% profit.

1.50 P.M The sector heat map says it all. Looks like a 90% down day. Intense desire to sell. But.... the volume is still light. Who is the king?? -- the "$".

3.00 P.M Very oversold on the hourly timeframe. Look for a bounce, volume remains light. AAPL, GOOG and some tech is in the green. We thinks, this could be a fakeout move down due to funds selling at 200d. We may rally upto 960-980 by the end of the week/early next week and set up a big negative divergence for a move down starting June 8 (+/-). But no bets on the long side.

3:40 P.M Natural gas sold off hard today. Natural gas is trying to turn at the 3.2$ level. One of the two needs to happen before one can jump in either 3.2$ gives way or the 20Week MA gives way. Until then this is a dangerous market. It is best to stay away. The +ve seasonal for natgas begins in July. Is there one more downleg left in UNG?

5:25 P.M Nice profitable day for us today. But tehcnical wise volume was light, breadth was so-so to the downside. It leads us to believe there will be another push to the upside into our turn date. Precious metals got slammed. Silver & gold must not break back above their 5MA daily, if this happens then the bearish bet will take time to play out. But as a PM bear, we could not ask for a better day than this. Silver got slammed, so did SSRI, so did PAAS.