I'm setting sail on Sunday with my Family out of Florida for a Seven Day cruise. Although T.Pain would have been fun, we're taking my Mom instead. I've attached here a DXY update and should be able to get out some S&P 500 thoughts out later this evening.
My bias is to buy the DXY while the S&P 500 looks headed for 1220-1236 zone.
Silver's performance last week was a disappointment. There is still some hope we see the low to mid $40s, but that would look like a sell. The $39.50 resistance area has been a "tough nut" to crack. Silver bulls should continue to pay attention to the $34.30 level for support. If that breaks, it will look bleak.
Gold peaked right into our key resistance last week but has failed to attract "follow on" selling. Even on a short term basis, I would not be long the yellow metal here. It looks like we're beginning the c-wave lower in what looks like a triangle.
US Dollar Short Term Update 4JUN11
SP500 Short Term Update 4JUN11
One of my favorite SNL "Shorts": "I'm On a Boat" (Warning, it's explicit)
"I got my swim trunks and my flippy floppies...."
To Prove that I'm not some sort of 'crass' individual who just watches 'expletive-laced' videos, I'll leave you with my favorite poem of all time as well.
This will serve as the QOTD for the remainder of the week, unless AR feels like changing it:
"If" by Rudyard Kipling
If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don't deal in lies,
Or, being hated, don't give way to hating,
And yet don't look too good, nor talk too wise;
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build 'em up with wornout tools;
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on";
If you can talk with crowds and keep your virtue,
Or walk with kings - nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run -
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man my son!