I have an inside joke between me, myself and I about what can go ‘wrong’ over the weekend if I’m short. One of the answer to that is that peace is declared. Well that certainly didn’t happen, but the market is set to have a big gap up due to the earlier than expected Iraq handover. I don’t think this gap is anything to get too excited over though. The gap will take us right to the area that was resistance on Thursday and Friday, and there’s still the Federal Reserve interest rate decision on Wednesday. Given the gap, I won’t be pushing down my stops on my shorts like I said on Friday, I’ll just leave them where they were.
Yes, I think this is short-term noise. Wait and see what happens toward the end of the day. It might be a good day to sit out and even through June 30th.