Home On The Range

Although we've seen a couple of attempts to break out, we remain deadlocked in the same trading range we've been in since the first day of June.

For the week, the S&P 500 gained +0.65%, Dow +0.41%, Nasdaq +0.51%, and the Russell 2000 fell b>-0.67%.

According to Bloomberg, the S&P 500 hasn't posted a daily rise or fall of 1% or more since June 4, the longest stretch in 14 months. Since Sept. 15, when Lehman Brothers filed the largest-ever U.S. bankruptcy, 131 out of the 188 trading days have had moves of that size.

Nevertheless, to do well this week you had to be long crude (UCO), utilities (UPW), semiconductors (USD), base metals (DBB), telecom (LTL), & shipping (SEA). We also saw good gains in Thailand (THD), Sweden (EWD), & Australia (EWA).

I'll be away from the trading desk again this Monday, but will return Tuesday morning. Have a great weekend!