Friday, June 5, 2009

Weekend of the Year

I am out headed to Austin for the Texas A&M Titans Lobstorfest/Reunion that occurs every year. I believe there like 65 Titans scheduled to convene at Britt Harris house (CIO of TRS) tonight into tomorrow. It will be awesome, catching up with friends, talking markets, being goofy, swimming in Lake Austin, and having a grand time.

The market didn't quite roll over like I thought they would. The close will be interesting. Futures are finally back to a more normalized volume but amazingly NYSE volume is again really really light. It is incredible how few market participants are out there. I still think today's top was probably an interim top. Maybe a few days, maybe a few weeks. It is possible that was a long term top. That is what tops look like but I remain doubtful about that. Either way I still think 900 to 910 will likely be seen before 950. Next week will tell the tale.

The pound has been getting crushed the last couple of days after being on a rocket ship higher. Eastern Europe could be a big story next week also. Any move on yields higher should also put a stop on stocks. My guess is this is now looked at as a negative versus a green shoot.

Have an awesome weekend. I will!! :)

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