On Friday the Dow Jones Industrial average pulled in 88 points! Today the markets closed up 155 points and at new highs even the Nasdaq closed over 5000. That wasn’t the pullback I was looking for, even with this rally I would look sell into if I was a long term investor. I feel that there is way too much complacency, this is not a time to be a deer in the headlights. I am still looking for a pullback on the daily charts then another push up, however I feel we are on borrowed time. I stated in oil that I would be a buyer below 49, I saw a nice buy divergence on the daily charts, oil got down to 47.80. I stated that if oil traded above 49.30 I would look to sell any long position taken below 49. Today oil traded at 51.04. Oil now needs to show me it’s next hand. If oil breaks 46.75 on the daily charts then I think oil can make new lows! Gold closed down 8. I was poking for gold to get to the 1225-1230 where I would look to short it on the daily charts, however, gold got to 1223 before closing at 1206. I am staying away from gold until the charts become a bit more clearer.
That Was A Pullback?
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