Are you feeling LUCKY, my friend?

This is the time to buckle up and get ready for a BIG show! This coming week is the last week (it ends June 30th actually) of the 2nd quarter. WINDOW DRESSING is one of the best and most consistent trends we have tracked over the last 15 or so years. Our lists have worked something like 21 out of the last 24 quarters. No reason to think this quarter will be a bummer, but ya never know!

We just wrapped up another seminar, was great to meet a bunch of hard working, guns a blazing traders and soon to be traders! Thanks for all who attended! We're getting an office set up shortly so that we have a tad more control over internet connections and we can host them more often. It's always phenomenal to meet people who have similar interests, but from literally around the world. Anntoinette came all the way from France, and we had a few people from other parts of the world. Downright amazing that a dude like me who used to live off of food in a garbage bin could attract people globally! VEry cool life is, indeed!

We're rolling FOREX out in the next two weeks, I know a TON of you guys have been patiently waiting, but we're finally at the precipice and ready to ROCK the currency markets! I had to finish my latest book for St.Martin's PRess (Rule your Freakin' Retirement) due out early 2009 so that's taken a ton of time to get it right (book is AWESOME, if I may say so myself!) and had my film premier (Crazy for Love) which is now at everyone's local Blockbuster. It's been a very busy few months.

I have a SUPER DUPER trade upcoming, folks. I suggest you all get on board the Waxie Express or you might miss what could be the trade of the year. Ya never know, but I think it's gonna be a doosey in the next 2 to 3 weeks. If you have ever thought of signing up for our Ninja or Black Belt services (www.trendfund.com) I suggest you do so NOW cause while there's no guarantees, I have a lot of conviction about a call I'm about to make and if I'm right its gonna lead to some HUGE HUGE HUGE gains in a very short time frame.

In the meantime, this week we have two major milestones that will dictate action in several sectors;

MON earnings
RIMM earnings

Both come on the 25th I believe. And, both will have huge implications on TECH and AGs and the overall market. We also are now about to test KEY markers in the market. Either we will hold the March lows on the DOW and S & P or we will crash and burn to the 10,000s in a jiff very shortly. We shall see, but these two earnings reports and the markets reaction to them is going to be KEY to which way we shake out. What's interesting is the divergence we have up here. The tech heavy Nasdaq is really showing crazy relative strength. Even though the Nasdaq has taken a beating with the DOW it's still well above (about 8%) the March lows, while the DOW is barely so. There is this perception that tech is somewhat immune to the economic meltdown we're having (yes, it is a meltdown folks, let's not sugar coat it). I don't think that will last. My targets on the ER (Russell) are still longer term in the 300s, and a retest of the 2003 Nasdaq lows (1100 - 1200s), which is 50% lower from here. But, of course, we shall see what we shall see and as always, when I'm bearish I really do hope I'm wrong for a lot of reasons!

Also this week we have another FOMC meeting. While the meeting is somewhat of a non-event, it'll be tradeable as always. The Fed isn't going to cut anymore and should hint (at least) at some raising later this year, if not sooner. The problem is, the Fed is now caught in a very uncomfortable position. They have to worry about rapidly rising inflation (hyper soon unfortunately) and the fact that consumers can't borrow due to tighter restrictions due to the housing and credit woes. I've been saying this has created an economic "perfect storm" potential and real disaster threat. The Fed has played it both ways and as we said as teenagers when you play it both ways, you usually LOSE both ways and forfeit in ALL!

Let's hope I'm wrong, but I'm usually not, dudes and dudesses. ANY rally here is to be sold into. We may hold the March lows for now, but very small shot we hold it for very long. We'll see soon enough!

And, fyi, for all my doom and gloom, I'm about to make a BULLISH call, so get your butt signed up so you can learn to EARN and learn how to protect yourself from any downturns AND profit from it ALL!

RULE!

See ya on the other side,

Michael "Waxie" Parness

www.trendfund.com