Significantly Overbought Market

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This morning the DOW was up 170 points with a print high of 16963. By mid-morning the whole gain was wiped out and the DOW was even down 20 points on the day. The S&P futures hit a high of 1991.25 and then we printed as low as 1967.50. By midafternoon the DOW rallied up 120 points closing at 16911. If I was a long term investor and I had bought stocks lower a couple weeks ago I would be looking to sell. We are up over 900 points in 4 business days and the market is extremely overbought. I am looking for a pullback to make a higher low in the 15600-16100 range as the market looks to make a bottom. The S&Ps and the indexes are way too far from the 10 bar moving average. The S&Ps are 45 points away from the 10 bar moving average and anything more than 30 points away is an extreme condition. Today oil hit a high of 49.71 and inventory numbers were released at 10:30 showing significant inventories. Oil got hit hard trading down to 47.70 and closed around the 48.16 level. Oil is searching for a bottom and the key number on the weekly charts is 48.16. If oil closes above 48.16 on a weekly basis I will get a buy signal for oil on the weekly charts. I am waiting to see where oil closes this Friday. I am hoping oil can make some type of a bottom here. Today gold got up to the 1149.70 range and then traded down into the 1145-1146 range at the end of the day. Gold is very overbought here. I am not bullish on gold in any way shape or form. If gold does get above the 1155-1175 range I would be looking to sell gold and gold stocks.
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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.