The hourly chart is still overbought and now the short term indicators at the bottom of the above chart are overbought. I know I keep telling you to be careful ... but I would hate to give up any hard earned money here. I would keep moving stops up and let price determine if I'm going to be taken out of the market ... not emotions.
The daily chart ... everything is still pointed up ... the short term indicators below are overbought as well. Money flow (blue line) is topping and I would expect it to turn down and possible lead us to the next buying opportunity. Today we had just under $2.3 billion inflows into the market and the NYSE posted a 83% up volume day on pretty good volume totals overall. Again, I would wait to buy until the blue money flow line cycles back down to the bottom ... this does not mean that price is going to fall apart (look at the rally starting in March and the money flow indicator). We did have a pretty good accumulation day for the Dow and with follow through on volume.
The VIX is pointed in the right direction ... down ... as long as this is moving down the market will continue to rally and show overall price strength.
It is all going to come down to this in the end ... what is the dollar going to do in the near term. If the dollar moves up from here ... this rally is going to stop in its tracks. I find it hard to believe at this point the Treasury and the Federal Reserve are really positioning themselves to support the dollar. The policy still stands of re-inflation of prices. We did have selling on strength again today of SPY ... we now have over $600 million in selling over the last few days ... just a note to keep watch on.
The hourly chart is still overbought and now the short term indicators at the bottom of the above chart are overbought. I know I keep telling you to be careful ... but I would hate to give up any hard earned money here. I would keep moving stops up and let price determine if I'm going to be taken out of the market ... not emotions.
The daily chart ... everything is still pointed up ... the short term indicators below are overbought as well. Money flow (blue line) is topping and I would expect it to turn down and possible lead us to the next buying opportunity. Today we had just under $2.3 billion inflows into the market and the NYSE posted a 83% up volume day on pretty good volume totals overall. Again, I would wait to buy until the blue money flow line cycles back down to the bottom ... this does not mean that price is going to fall apart (look at the rally starting in March and the money flow indicator). We did have a pretty good accumulation day for the Dow and with follow through on volume.
The VIX is pointed in the right direction ... down ... as long as this is moving down the market will continue to rally and show overall price strength.
It is all going to come down to this in the end ... what is the dollar going to do in the near term. If the dollar moves up from here ... this rally is going to stop in its tracks. I find it hard to believe at this point the Treasury and the Federal Reserve are really positioning themselves to support the dollar. The policy still stands of re-inflation of prices. We did have selling on strength again today of SPY ... we now have over $600 million in selling over the last few days ... just a note to keep watch on.
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