New Lows in Crude Oil Erase 100 Point Gain in Dow Jones Industrial Average in Last Hour

The morning began with the Dow Jones Industrial Average slightly down. As the morning progressed a lot of buying came into the market and at one point the Dow Jones Industrial Average was up well over 200 points. At 3:00 we started getting massive selling in the market and the Dow Jones Industrial Average closed up 82 points. This is showing me a topping pattern. The market is having trouble holding any rally. I am looking for the Dow Jones Industrial Average to push up into the 17800-18400 range. With only 14 business days left in 2015 I am hoping it can push up above the 18000 level before the end of the year. If I was a long term investor I would look to sell into that rally, be 100% in cash, and look for opportunities to reenter in 2016.

Today crude oil made a new low, trading down to the 36.50-36.60 level. While the lower heating oil and gasoline prices are great for the consumer, the decline in crude oil is putting a damper on the S&P 500 oil stocks. The weakness in oil stocks is leading to a wave of selling in the overall S&P 500 index. There are no clear patterns in crude oil and I am on the sidelines waiting for a pattern to setup.

Gold was down about 5 dollars today. Yesterday gold got up to the 1085 level. I was looking for gold to get into the 1090-1100 range where I would look to get short. Gold is in the 1040-1090 range. There are no clear patterns in gold and I am on the sidelines waiting for a pattern to setup.

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