Extreme Overbought Condition

My work is showing me that the markets are extremely over bought on the daily charts. I would be looking for a pullback in the next 1-6 days. If that pullback occurs then I think that there would be some great patterns on the daily charts. Stocks like DIS and SBUX should set up. I had a sell signal in gold on my daily charts. I was looking for a bounce in gold near the 1250 area but never got to my level, so right now I am neutral on gold until better patterns set up. Oil as I stated I had a buy signal on my daily charts. As long as oil hold 46.14 on the daily charts oil should trade in a range. Today, oil was down over 1.50 then reversed to up over a dollar on the day before closing at 53.24. I see some danger being long oil stocks like CVX SLB HES all had huge moves and I would look to lighten up especially if they were bought a lot lower.


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