I was unable to use my computer for most of Wednesday and am traveling for most of today so I am posting a brief early blog here. All our positions are unchanged (out of all markets for now).
Fear in the broad stock market seems to be subsiding as the market is rallying again, but bullish and bearish signals remain mixed and overall market direction is still not clear. We are now entering a timing window (which begins today and ends around the fourth of July) when all markets can experience significant reversals in direction. We therefore need to pay attention to market directions into the end of this week and start of next week (midpoint of this window). The DOW seems to be rising into this period (and is now also approaching a zone of resistance) so a downward move may be imminent. We are on the sidelines of this market.
Gold and silver have been moving lower and technical signals still look quite bearish, but the timing zone mentioned above for the broad stock market applies here as well, so we may see some kind of relief rally shortly. We are still standing aside the precious metals.
Crude oil prices have been rising but they are now approaching resistance as we enter that time zone of potential reversal so we don't want to go long here (even though momentum is strongly bullish). We will watch to see if the price can correct back down towards $91. My recent interest in going long was to take advantage of a possible rally that could take prices above the recent high at $99, but this timing zone factor is making that seem less likely at the moment, so we will remain out of this market for now.