Mr Market is again mixed this morning, with the Dow up and most every other index down. Oil is up on the day at 91.78, but is off the best levels of 92.10. Gold is up 7.79 at 1375.9 and Silver is up .52 at 29.43. The Euro is strong, off its highs of 1.35 at 1.348 and the Dollar continues its relentless decline, trading at 78.44. The 10 year Note is up a little at 3.345% and the Long Bond is up, trading at 4.54%.
This is now the 2nd day in a row that the Dow is up, right now up 20, while every other major index is down. For the 2nd day in a row, the PM's and the entire commodity complex is up, with the exception of coffee. It feels to me that the only engine pulling the market up this long, tiring slope is the Dow.
Our Proprietary Momentum Change indicators are still working with the Buy signal first generated 12/1, but has again moved to Neutral. I am gong to recommend that traders take long positions off the board.....we are selling the SPY and the XLF at the market this morning, with the SPY trading at 129.16 and the XLF trading at 16.45.
However, we will wait for the Momentum Change indicators to generate a Sell signal before we enter Short positions, or short equivalent ETF's
Best to Your Trading!
Bill
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