On the Sidelines, Waiting for Clearer Pattern

Today was a very quiet day in trading. The NASDAQ was down 1.56, the DOW was down 4.41, the S&P was down 2.34, and the Russell was down 5.02. On Friday I stated that the market was extremely oversold on the daily charts and I was looking for a move back up. At that oversold condition I stated I would look to buy QQQ (NASDAQ 100 ETF), SSO (ProShares Ultra S&P500), and MSFT (Microsoft). On Monday after being down in the morning the market started rallying. The S&P futures have traded up 91 handles and the DOW has traded up over 500 points. Yesterday I stated I would be looking to take money off the table and be flat as QQQ and SSO rallied more than $4, SPY rallied more than $6, and MSFT rallied more than $1.40. Now I am seeing a pattern on the daily charts that I am not comfortable with. There is a chance that the market could go right back down. If SPY (SPDR S&P 500 ETF) takes out the 209.01 level on a closing basis on the daily chart I will get a huge buy signal. If I get this buy signal I will be looking for a pullback to set up a great opportunity where I would look to buy. If we get this pullback I then expect the market to push higher. I expect the market to make a series of higher lows into the end of the year. Yesterday gold made a new low for the year, trading down to 1062. Gold was up about 12 dollars today. The 1040 level is a big number in gold. This is the level at which the IMF sold a large amount of gold to India in 2009, pushing gold up to the 1200 level. Gold is extremely oversold here. I am on the sidelines waiting to see if a pattern sets up on the daily chart. Oil was down 45-50 cents today, trading down to a low of 39.89 before shooting back up. I have a sell signal on the daily and weekly charts for oil. I am looking for a bounce in oil where I would look to go short.
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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.