“Red neck noise dude; that’s all it is. Makes about as much sense as you do.”
The markets were interesting this past week; however we find ourselves at the end of the week scratching our heads. The Fed, CPI, Bear Stearns and all the other infinite factors that converge on and aggregate pricing of assets each day. In my view we have been ringside for nothing more than market noise. The S&P was nearly unchanged for the week in spite of all that has gone on.
It does look like the ADM set up is drawing its self into a longer term ascending triangle. It may not break out to the upside while agricultural futures are pulling back. Time will tell. For those who were to lazy to look into it for themselves ADM is a food service firm that produced corn and wheat flour as well as things like cake mixes for your easy bake oven. Don’t take my word on the easy bake oven remark, and don’t even deny having an easy bake oven. Hell I have 3 of them myself and I am damn proud of it.
Gold is almost at its long awaited target of one thousand bucks per oz. (actually, based on the March min for gold we are there; see chart below) let’s watch it this week and see if it becomes a pivot point or a ceiling. Your guess is as good as mine.
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