For those of you that don’t already read Yra,you should!, He was a particularly interesting read last night. http://yrah53.wordpress.com/2011/07/24/cancan/

There will be a lot of posturing this A.M. across the currencies and equity Indices, waiting for our fearless leaders to actually lead! Sure glad we gave them the benefit of the doubt Friday vis a vis their capacity to do anything.

The fear trade is in full swing as evidenced by EUR/CHF and Short the majors against long the metals complex. Last week we spoke about the 41.15 level in the Silver ( 1/2 way back for the last big swing) as a key closing level. This is the second trip up to test this level. We either have to close above it or we can fail…Price action to watch for… we should not go back above last weeks high again if the move is false ( 40.87) and we need a close below 39.10 for a breakdown of the pattern ( Congress has to act!) Not a bet I am willing to take.

Day-Traders…Trade what you see, and take the money when they show it to you today. This will be another day of headline price action with press leaks galore.

Spu 1344.50 is still huge on top. That # won’t change.

Model Trading Portfolio…Current Holdings

Long

FXC… ETF…USD/CAD

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