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Have you ever noticed that when we are waiting to see if a pull back presents a buying opportunity, it feels like price just drips down in slow motion day after day , no matter how sweet it looks? I'm feeling that now 🙂 Lets review the markets and then check out a few areas of interest.
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SPX - No change from the last few reports
Read MoreYesterdays report mentioning Anti-Gravity stocks was just the right thing to start the corrections 🙂 In Energy stocks I think we were getting a bit spoiled with 70 & 80 % gains in a single trade, but not so spoiled with giving back 20 - 25% today in BAS, LGCY, ARP, etc. Commodities are pulling back and Miners may start joining them. Will we be buying this dip? Lets take a look.
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SPX - My chart from yesterday. I had called for a rally , but now calling for caution.
SPX - And we did start a little selling Tuesday. We can go higher since we are still inside of that wedge, but eventually I expect a drop to at least the 50sma.
Read MoreThe stocks that we have been trading / investing in have been defying gravity for weeks. The fact that we are catching them right at the lows gives us time to enjoy the ride and nit worry about a short term pullback. So far, a short term pullback is rather hard to come by. Lets review the markets and look for more set ups.
SPX - It may be early in the investor cycle, but this doesnt look ready to power higher to me. I expect the markets to fail at resistance, at least short term.
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