Overbought Markets

Today the unemployment showed more job growth and November and December jobs were revised upward and with that the unemployment number ticked up to 5.7 from 5.6 go figure.I really do not care for any of these numbers nor do I believe in these numbers. Coming in the markets were overbought on the daily time frame and after being up 50 the markets reversed and at one time they were down over 100. My algorithm turned positive on the SPYon the daily charts and looking for a pullback but even if we get that pullback I do not see an explosive move upward the weekly charts on the bank stocks are negative on my work. Gold dropped over 30, I said I would be out of gold between 1260-12-70 the high was near 1272 today gold traded down to 1228 area. Due to fear that the federal reserve will raise interest rates. Oil on my daily chart has turned up and but I do not see oil exploding here there is a ton of overhead resistance on the weekly charts between 54-58. I don’t think oil is out of the woods yet.

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