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Monday May 2, 2011 Recap

Monday May 2, 2011- News of Bin Laden’s death caused a futures rally but the rally lasted only hours into the trading day. The markets traded around the flat line for most of the day. Silver was very heavy today and this action may be a precursor to a potential commodity sell-off. Although the Bin Laden news was good, it seems to be a market non-event. The market is a little extended from its shorter-term moving averages so this pullback from the Bin Laden highs is to be expected. Bullish action would be sideways trade as moving averages catch up to price. Once this occurs over the coming days, the market will be in a better position to push higher. Hopefully any commodity sell-off will not cause a major market sell-off but dollar strength could make a further move in the market to the upside difficult.