Day 2 of The Closed Down Market

The market closed down today, that is 2 days straight. The news out of Greece is that they need a huge amount of money which sent European stocks downward. The Dax, which is the German stock market, was down nearly 2 percent. I think even if we have a few more days of downward pressure we can hold since my daily algorithm is positive. Once we get somewhat oversold we can move higher. Again, if I was a long term investor I would be looking to sell into the next rally. There is a gap on the DIA at 173.27 the last sale is 177.09, so I see risk once this rally is complete. Yelp is a broken stock and I would look for a bounce to sell between 45-48 if I was a long term investor. I am bearish on gold my daily algorithm is negative so I am looking for a bounce in gold to set up a short. Citibank said that oil could be in the mid-20s sometime in 2015 I am not bullish on oil there is a ton of resistance in the weekly charts between 55-60. The daily MACD is almost getting over bought and the oil stocks on the daily time frames are very over bought. I am looking for a pullback in oil for a long trade then I think oil can make new lows.

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