As I stated late last week, I saw a gap on SPY at 210.02 and I thought the S&Ps could pull in between the 2095-2015 level. Today print low on the S&P futures was 2096 and the SPY print low was 210.21, 19 cents above filling that gap at 210.02. Today declining stocks over advancing was 4 to 1 negative. I still see further weakness early tomorrow morning before we get some type of a bounce. I have been saying if I was a long term investor I would look to sell and be in cash between 18100 and 18500. The market got to the 18300 range. Even if we get one more bounce I think the market is ready to have a decline during the summer months that should last from sometime in the end of the second quarter to the beginning of the third quarter of 2015. The dollar index was extremely strong today forcing the euro below the 109 level. The dollar yen made an all-time high and should continue to push up significantly higher after one decent pullback. Oil felt the wrath of the strong dollar trading in the mid 57 range before closing at 58.36. If oil takes out 55.58 on a closing basis, the uptrend from March 25th should end and another leg down should ensue. Right before the unemployment number I said I would be out of any gold position between the 1208-1209 level. Gold today was down more than 17 dollars due to fear of higher interest rates and the strong us dollar. Right now there are no clear patterns on gold. My course Pattern Recognition 101 is almost complete and I will keep you posted if anyone has any questions please call 203-617-4026 .
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