"All the Gold in California...

...is in a bank in the middle of Beverly Hills, in somebody elses name." Austinite Larry Gatlin.

A once infamous bank robber was asked why he robbed banks. His answer, that's where the money is. In this market, you have to go where the money is. So far that has been on the short side. Looking at a slew of charts today, I can't find anything that looks positive. The one chart that is really sticking out is Gold. About 18 months ago, we broke out of a $730-$660 trading range and made new highs at $1000. So far with every other asset making new lows, this has held. Even with the dollar index on a tear from 75 to 88, the shiny metal seems to have support. GLD, the gold future ETF, made a low recently at 66. Today it settled at 70. A good trade here would be to sell some near month put spreads to finance later dated out of the money calls. I believe we can see GLD back in triple digits in a years time.

By the way, nobody is thinking about the Titans going 19-0. No respect.

Take me out to the Ball Game...

Took in my first Round Rock Express (AAA, Houston) game last evening. John "Bob" Saccamanno had the big stick with 2 boppers. The later came with 2 on in the 6th to straight away center field. We'll see him in the show.

The SPX bounced off of that 1515 pivot I mentioned the other day. Mid day strength could not hold especially with the 10-yr note above 5%. Apple I-Phone news out so the stock reverses an all time high. Even with an upgrade today, you probably have seen a short term top in the name. Support in the 97-99 range for you dip buyers.

Keeping a keen eye on the Gold chart. Looks like the bugs have left and trend is down. As the dollar rally continues, watch for more downside action in the commodities. With gaps in material stocks from last week takeover rumors, it may be a good time to play some of these on the short side.

Hollywood Nights

Nothing has changed, but nothing really is different either. GOOG once again taking the NDX lower. Nice divergence with the DJIA. Saw the same thing in February before a little jig. Options prices getting a nice pop, odd for expiration week. Feels like summer already. Watch Gold here around 670, 50-day MA with a triple top near 700. Funds will pile in on a break of the range.