This market is absolutely ready to take a breather and it will. The great part of this powerful move up is the amount of positive signs going foreword. The ability of the market to press higher, with little opportunity to jump in, elevates its potential to go higher. As we said before, we are on an uptrend and there is no need to fight it. The conservative play would be to wait only for entry points to go long. Unfortunately, the news rules the markets right now and patience is going to help. Watch for news to clear the path. It will become more clear once we begin the week of trading.
Gold is good on pullbacks, longer term uptrend in play. Longer term oil should pullback, but in the near term look for a bounce. Euro looks ready for a test of the downtrend line then upward. This may be set up to bounce once they announce any news regarding the euro debt deals. This could be a market mover or a blast to the upside.
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