David Fry's Daily Market Outlook

I've been listening closely, but the fat lady ain't singin' just yet for gold bulls. And, with tomorrow being Friday she'll have a chance for a curtain call over the weekend. We'll just have to wait and see.

Beyond American Idol, Britney Spears and the obsession over Anna Nicole Smith there is serious news going on. This little snippet from Debka.com reflects the real news story of the day. Then read this item from CNN and you can connect the dots. You have to wonder if the Iranians are just "playing" Christianne. But these stories are at the heart of current tensions causing higher oil and gold prices.

In the meantime, overseas markets continue to move erratically with U.S. equity sectors.

That closes an interesting week for us. The fat lady may sing tomorrow for gold/silver, and then maybe not. The only important thing with open positions comes when you ring the cash register. Until then it's just nerve wracking entertainment. We are, of course, more serious than that, but you may as well have fun with it while you can.

Enjoy your weekend.

Disclaimer: Among other issues, the ETF Digest maintains positions in: streetTRACKS Gold Trust ETF (GLD), iShares Silver Trust (SLV), Market Vectors Gold Miners ETF (GDX), PowerShares DB Precious Metals Fund (DBP), PowerShares DB Agriculture Fund (DBA), S&P 500 Index (SPY), Rydex S&P 500 Equal Weight (RSP), MidCap SPDRs ETF (MDY), ProShares Ultra MidCap400 (MVV), iShares Russell 2000 Index ETF (IWM), Ultra Russell 2000 ProShares (UWM), PowerShares Zacks Microcap Index (PZI), NASDAQ 100 Trust Shares ETF (QQQQ), iShares Goldman Sachs Network Index Fund (IGN), First Trust DJ Internet Index ETF (FDN), iShares MSCI EAFE Index Fund ETF (EFA), iShares MSCI Emerging Markets ETF (EEM), iShares S&P Latin America 40 Index Fund (ILF), iShares MSCI Australia Index Fund (EWA), iShares MSCI South Korea Index Fund ETF (EWY), iShares MSCI Japan Index ETF (EWJ), iPath MSCI India ETN (INP) and iShares MSCI Malaysia (EWM).