The markets opened slightly mixed this morning and added a few points before testing support once again but it was not the major gap opens we have been seeing. We actually got some good entries and futures are positive again tonight.
It is far too soon to be counting on a positive market for Tuesday. We saw +7 on the S&P futures decline into negative territory before the open. Tonight's +1.50 is less than exciting but futures are still positive despite a rise in the dollar index back to 75.
Dubai World calmed in investors with some plans to restructure $26 billion of their debt and said the rest was not a problem. Part of their strategy will be to sell some assets in order to deleverage to a reasonable level. In English that means we are selling some properties we can't make the payments on.
Oil got a boost when Iran seized a British racing yacht and 5 crew. Iran also tried to talk a big game for adding more nuclear facilities only a couple days after the IAEA voted for a strong censure due to Iran's lack of willingness to be open about their nuclear plans and facilities. Even China and Russia voted for censure.
With Non-Farm Payrolls due out on Friday I would be very happy if we could just add 20-30 points to the Dow every day instead of the +100, -100 volatility.
I changed the stop on the Cameco play. CCJ was positive today but I am playing it safe. Fuel Systems gave me some worries at the open but it recovered after giving us a great entry point. BHP dipped to support again and then rebounded to near the high of the day. Wouldn't you know that after we enter a gold position that this would be one of the days it didn't go up.
No real changes other than the CCJ stop. Let's take it one day at a time.
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