Sterling Market Commentary for Friday January 11th, 2013
A Look at Thursday’s Market: The overall market moved moderately higher in a broad based move that saw the majority of the various indices I track move higher on the day as well. In the commodities markets, Oil was higher by $0.72 to $93.82 per barrel, and Gold was higher by $22.50 to $1,678.00 per ounce. In the grain market, Wheat was lower by $0.010 to $7.444 per bushel, while Corn was higher by $0.044 to $6.986 per bushel, and Soybeans were lower by $0.056 to $13.796 per bushel.
A Few Thoughts on Friday’s Market: In looking at the charts of the major market indices, I would like to remind everyone that the Dow Jones Industrial Average is entering an area of upside resistance where significant or meaningful gains from these price levels may be very difficult to achieve. I continue to see significant political risk to the market that could easily send the market dramatically lower in a very quick period of time. As a result we are recommending that investors tighten their stops, consider selling calls on any stock that may be approaching over bought territory, and in some cases buy puts outright.
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