Wednesday, May 4, 2011

End of Correction?

The market corrected a bit further today and closed under the TA, which is a short term bearish sign. But given the fact that there is bullish MACD cross and this correction was expected (look at the divergence), I lean towards a bullish wave coming as soon as tomorrow so I am holding my long position.

The dollar has made a new 3 year low but commodities sold off, so that is just a sign of a correction and it is opinion that commodities will keep going way up once this correction is over. There is no escaping the weak dollar as investors don't really have that many options to put money into. So maybe when the correction is over on that market, I'll post some entry points for Silver and Oil. I already have Gold from 1300's but I am not selling any of it. If anything, I am looking to exit all US dollar positions as soon as I get the chance with the exception of my S&P500 trades.

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