June 08, 2006
Call me confused - not a surprise!
I turn on CNBC and see the US markets flat, despite my knowledge that it is Asia and India wagging our tail. What gives?
The US media will have you believe an Iraqi leader was killed and oil is down below $70. They will also pound the table that inflation is beat and Gold is down $9 more dollars and heading lower.
Don't listen because traders will smoke you this morning if you buy.
This is not a "Kick the dog open and go back to bed mornings" but the media is doing their best. I will hold my dog "bagel" play with the kids and even consider a few shorts because my gut says traders will have to spank the market later.
We are just pushing off the inevitable pain.
Based on the oil stock action I described last night, I am not surprised to see oil down below $70 and would not be surprised to see a quick 10-20 percent drop.
I will likely only Nibble at Japan and India today and just watch my small gold positions get smacked.