Monday’s Double Top Market Analysis & Video
This will be an interesting week as we look for the stock market to pullback.
The US dollar has pullback this morning and that has help lift stocks back up to their Friday’s high. This type of move is normal for the stock market as it tests trader’s emotions and trading skills. As we all know the market knows how to shake out the masses just before a big move. With any luck this morning’s move up will cause a lot of traders to cover their shorts and then the market will roll over and sell down sharply.
The dollar still looks bullish in my opinion and should continue up today/this week. If this happens it will put pressure on both stocks and commodities.
Gold and silver are trading sideways/down slightly this morning, nothing significant.
Oil is trading up near resistance in a rising wedge and my actually start to pullback very soon. I’m keeping my eye on it for a setup as we may go long an inverse oil fund this week looking for a 2-5 day pullback.
In this morning’s video I talk about how the market in generally likes to test high and lows and where we stand with our current position.
