Today should be pretty interesting. The news overnight seems pretty bullish (P&G merger and MSFT earnings) but I would guess the tape will have an overhanging doubt about the Iraq election. It may be a good chance for the bulls to grind the tape higher. It really depends on whether buyers feel it is worthwhile to act in front of the Iraqi election. My guess is that some will. I don't think the election brings selling pressure in front of it so I would say we close higher but the reaction to the news will be muted a bit.
Keep an eye on the metal stocks as they are in some interesting territory. I tend to think they head higher over the next couple months but like the currencies the near term could be quite whippy. They are setting up some pretty tight ranges for stop loss either way.
Still no plans to trade today but maybe I will some good setups for next week.
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