On the Sidelines
S&P’s traded down to 2033.50 overnight and closed at 2055 today. The weekly charts are still pointing up and I think there is still a chance of 1 more push up to a lower high. We are now in the second quarter and I still see risk in the market. As I have been saying there are gaps down to 16100 in the Dow and I think those gaps will get filled. So as of right now I do not see any patterns for trades in equities. Oil I said I would buy between 46.50 and 47.50 . Oil traded down to 47.07 and above 48.40 I said I would be out. Oil traded near 50 today I saw a great pattern on the daily charts in oil. Gold had the same pattern on the daily charts as oil. I was looking for gold to pull into the 1163-1173 area and gold pulled into the 1178.20 then exploded. Gold had a great long pattern on the daily charts.