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Along with our market review, I want to discuss some of the selling we saw in Oil and Energy stocks Tuesday. What are we looking for in the pull back that we see? Should we be scooping them up, or not? Lets review our markets...
Read MoreI am seeing step by step progress in the areas that we discussed in the weekend report, so I am going to go right there.
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This was my weekly Oil chart
Read MoreAnd the good news is, I see quite a few bears falling asleep again. Our trading has been fantastic in 2016, especially in the beaten down Precious Metals sector, Commodities like Steel and Aluminum stocks did well, and Oil and Energy. The bears had attacked these sectors for quite a while, but now it seems that when one sector runs strongly and then gets a little tired, another one that was selling off begins perking up. That seemingly bearish selling fades and the baby bear goes to sleep, allowing us to do some sector rotation in our trading.
This weekend we'll discuss which bears look to be calling it a day, and also review Gold, Silver, and Miners. We should discuss what happened Friday and whether it is the start of something big, or just a little noise. lets review...
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SPX - We've been watching this constructive consolidation for a while. This was the Aug 1st chart.
SPX - The Jobs report gave it the needed boost to put any thoughts of a bearish drop to sleep for a while. The dip 3 days ago was likely a 1/2 cycle low of this daily cycle.
Lets look at the weekly chart ...
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