Spitzer Patrol Keeps Market Down?

The last day of the month isn't very 'playable' from the long side in my opinion, as the SEC and Spitzer troops are on guard for funny business. Well, sort of.

Breadth is slightly positive, the TICK hasn't yielded, and the TRIN is mixed (over 1, below the 20 period average of the 5 minute chart)...

As discussed by John Succo at Minyanville, a 0.5% increase in income with a 0.8% rise in spending puts us WORSE off from a debt perspective. But nobody cares about debt, except for naysayers like Marc Faber in Tomorrow's Gold.

Gold is up a tad (merger Gold Fever? and the dollar?) and the Ten-year yield is dramatically oversold on a longer term basis (weekly), with stochastics less than 2. Technicians might ask whether the XLE and energy space wants to make a double bottom. I wonder, if the economy is going great guns (and butter), then how can energy be weak? A little disconnect here.

Along those lines, VLO could be trying to make a stand (long VLO), as it tries to reverse with increased volume.

Finally, the UTH goes up (again) and I'm not betting agin' it with (last time I checked) pretty high short interest.

Good trading and great risk management.

Educational use only. Never intended as advice.

The VXO is up almost 2 percent today (no big deal), and GLD up 0.83%.