20090522 Weekend

DOW 8,277.32 -14.81. Close below 8170 targets 8000 next week.
NASDAQ 1,692.01 -3.24
SP500 887.00-1.33. With a close below 878, look for a sharp down move.
Metals higher. Dollar and bonds continued to weaken and look to go lower. Quick dollar and bond moves are signaling some financial problems to be exposed in the next few weeks. If foreign central banks are selling their bonds to the Fed, there may be dramatic moves with the dollar, metals, and the markets.
While the markets can go higher and can take in more long money that missed the run of the past few months, the risk of a large downside correction seems to be increasing. Higher prices with higher volume will negate the downside risk.
During the weekend holiday the President admitted "Well, we are out of money now". Will we continue to try to spend, thus destroying the dollar, bonds, and life insurance policies?
GLD 94.15 +0.30. Many have been calling for lower gold prices, but with the dollar having made the low for 2009 and looking to go lower, gold will go higher.
SLV 14.50 +0.16
PTM 14.11 -0.02

TZA 29.33 +0.92. Bought at 29.24 before close.

DBB 14.41 +0.45. PowerShares DB Base Metals.
GM 1.43 -0.49 (25.52%). Volatile week. Longs will be broke next week when GM files for bankruptcy. The July $1 puts traded for .6.
OIH 97.27 +0.93. Weakness early next week will help to confirm overall market weakness.
SRS 22.73 +1.13