BEST TRADE: Kfed to Hezbollah for a Terrorist to be Named Later

Ok, not market related, but I happened to see the Teen Choice Awards Last night just enough to catch Kfed's debut. OMG!!! It was just so so so so bad. Honestly, I respect Brittney for allowing him to make a fool of himself and feel the pain of the public eye. Please try to catch some clips on some websites. He was just so aweful.

Anyway, back to trading. Sorry to all who do read my blog and were disappointed to find no entries all week AND no email fwds aswell. I have a two-part excuse...and it's a doozy! 1) I had Epi-Lasik surgery last week and couldn't open my eyes for about 3 days and couldn't look at a computer screen for another 2 days. 2) My MS Outlook was not working and it took me until I could see to realize it. I was having my wife fwd all the regular emails daily, but for some reason, while I was receiving emails, my outbox was filling up with unsendable emails!!! So...Some of you may have received those mails today as miraculously Yahoo! has fixed the problem finally.

Overall market feel. Clearly I have to catch up to the action as of late, but my mind is swaying more to the longer-term downside. We have made a serious and strong rebound after breaking that 2 year uptrend, but honestly, I expected just that.

It's possible in my view that we can see new yearly highs sometime soon, but that only would reach a point where I see the markets hitting my downtrend channels that I have drawn...especially in the Nasdaq futures. Keep in mind..I trade futures...it may make a difference!

So, short-term...who knows...could go up some. But I am not taking longs. I am waiting for trades to set up, and I don't see anything yet todya. The one trade I do see coming up is in Gold Futures (YGZ06).

Long long term UP, short term DOWN. I did call a nice short the night before it happened 2 weeks ago and it made a nice profit of $15 ($500ish per 1 lot, vs the $60-$90 stop-loss I suggested). That downtrend on the daily chart is still intact, but b/c the Long long term trend is still up, and stochastics are approaching oversold and we are nearing the upper line of the downward channel, I am weary to sell it again. It could be an ok play, but if we break to the upside, it can be the contiuation of the bigger up trend.

I will update this later with pics and charts. For now...enjoy and let me know what you think.

Andy