Patience

After Friday’s weak non-farm payroll number the S&P rallied over 40 handles. The thinking is that since the forecast for new jobs came in weaker that the federal reserve will not raise interest rates .As of right now I do not see any clear patterns in the equities markets on the daily time frame. The call for action is patience. Oil had a huge move today ,trading near 54 .Last week I had a buy on oil and said I would be a buyer between 46.50 and 47.50 .Oil got down to 47.05 then rallied to 48.90 where I stated I would look to sell oil from any long position. I do not think oil is out of the woods by any stretch .I think we can get another pullback in oil and see if it sets up again in the daily charts. Gold had a beautiful pattern on the daily charts and rallied from 1178.20 all the way to 1224 area. Again it is strange how oil and gold almost had the same pattern on the daily charts .So I would expect another push down on gold where I think gold can make a higher low . I would look to see if that happens where then I would be a buyer .

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