Overbought Market Looking For Pullbacks

Since Friday when the DOW printed at 16016 we have had a rally of over 800 points in 3 business days. Today the DOW got above the 16800 level. On Friday the S&P futures traded down to 1882.75 and today they traded above the 1980 level. This is signaling a very overbought market. I am looking for a pullback in the next 1-5 days. I think the market is trying to search for a bottom. I am going to raise my target from 15500-15900 to 15600-16100. I do believe the market will make a higher low in the next 1-2 weeks and I am 75-80% certain that the low of 15379 will be it for the year. Oil had a monstrous day today up more than $2.30. I have been saying that 44.14 is a very big number for oil. Oil traded down near this level a couple times, even getting down to 43.97 before snapping back up and closing above 45. If oil stays above the 48 range I will get a buy signal on the weekly charts. I will then have a buy signal on both the daily and weekly charts and would be looking to buy on a pullback. If oil closes above 48 on Friday I will be looking for a pullback. A couple weeks ago I mentioned that I would be looking to buy SN (Sanchez Energy) in the 4.50-5 range. SN traded down to the 5.10-5.15 range and now is well above 7. This was a good buying opportunity but it did not enter my range. If oil pulls back the oil stocks should have a similar pattern on the daily charts. Gold was up $8-9 today. Gold has a bid because of talks of no interest rate hikes in 2015. If gold gets up to the 1155-1175 range I would be looking to sell any gold positions, especially gold stocks. I do not see gold getting above 1200 and gold has been down the last 5 quarters. I am bearish on the weekly charts on gold and I think it is dead money.
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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.