Hello MarketClub members everywhere. As we come to the end of the week and the trading month and face the long Memorial Day weekend, I have a slightly uneasy feeling about the markets. Later on today, Janet Yellen the Fed chair is set to speak with Harvard professor Gregory Mankiw as she receives the University's Radcliffe Medal. Boy, they sure like to give each other awards don't they? It's too bad that we can't give an award to the economy which still has sub 2% growth with record low-interest rates!! Here's the problem as I see it, the FED said that it was it was going to rely on data as to whether or not it would raise interest rates. Now they're saying you have to see how things go - really? It has seemed to me for quite some time now that the Fed has mishandled this whole financial meltdown and quite honestly have no clue as to what to do about it. It also seems that they lack any common sense even thinking about or talking about negative interest rates - how stupid can they be? Ms. Yellen and President Obama - the answer is not complicated - lower taxes and cut all the red tape, hoops and hurdles that business have jump through. Then all you have to do is stand back and keep out of the way of the economy as speeds up growth and job creation. Not complicated! Okay, having gotten all that off my chest let's take a look at the markets. Indices: Most of the indices performed well in the month of May with the S&P 500 (CME:SP500) closing up about 1.4%. If it closes where it is now, it will represent the third highest monthly close for the year. Much the same picture for the DOW (INDEX:DJI) which looks like it's going to close out the month with the gain of about .4%. The NASDAQ (NASDAQ:COMP), which enjoyed the biggest monthly gain of nearly 3%, enjoyed its highest monthly close for the year. Before we start singing happy days are here again, there is still a lot of overhead resistance in all three of these indices. That is one of the reasons why I still feel a little uneasy about the economy and the markets. Gold (NYMEX:GC.M16.E): The gold market broke below the $1,220 level this morning trading down to a low of $1213.80. I talked yesterday about not trying to pick bottoms in a market, and this is a perfect example of the folly of trying to do so. MarketClub's Trade Triangles are presently short gold from $1244.60 and will keep you on the right track and trading with the trend. For the month of May gold lost almost 6% and if it closes at current levels, it will be the lowest monthly close in four months. Crude Oil (NYMEX:CL.N16.E): In yesterday's video I showed you a little technical trick and how you can use it in your trading. Well, it looks as though the trick worked as oil has fallen over a dollar from the psychological resistance level of $50 a barrel. The trend continues to be positive for crude oil, and it is closing out the month with a solid gain of 4%. As we celebrate this Memorial Day weekend, please reflect on all the freedoms we enjoy today thanks to others who gave their all for their country.
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