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Written by Mark Leibovit VRTrader
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Thursday, 31 March 2011 07:42 |
Stocks - Bull - Indexes mostly 'kissing' but not breaking through the February highs. Two exceptions were the Dow Transports and the S&P 400 Midcap which did poke their respective noses higher intra-day yesterday. A rally here was predicted in these columns and in theory should have some more legs into early April, but we're already up six days in a row in the widely followed Dow Industrials. Maybe we need to pullback here a little - hopefully on declining volume - before we attack the highs again.
Gold - Bull - Gold and Silver also 'kissing' their recent highs, but not quite breaking through either. That said, I am patient. Gold at 1500 and Silver in the low 40s are still reasonable short-term expectations.
Bonds - Bearish - But, on the sidelines. The recent technical rally in the bonds (tied to the recent stock market correction in mid-March was anemic and not enough for me to comfortably get short via inverse ETFs. I would avoid holding bonds of any kind with the exception of possibly the high-yield variety which tends to rally with stocks.
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