Patience

We did see the market come off Monday but no real follow through YET. I expect all those sweet set ups will prove themselves this week.

Short and sweet this week. (Pun intended)

Text Book

Well although the markets did make another new high this week momentum has definately slowed and we are seeing a number of text book MACD divergent setups coming into this week including the Q's. GAIA, AMZN, CSCO, JCI, MU to name a few (thanks Dan). Dan has al;so remonded me that RIMM is due for a earning announcment this week. Staddle anyone. (The street is expecting godd earnings though)

OIL continues to make new highs and this is one I am not ignoring. GLD gapped down Friday and you should be short this now on Fridays open.

There were a number of commodities that moved well last week. I was long both GSG and DBB. I am starting to focus most of my trading around the commodity based ETF's. I think OIL has something to do with that.

Standing Aside

Although markets made new highs once again momentum has definately slowed. I am thinking we are completing a fifth wave now and am going to stand aside for awhile to see how things unfold.

Still long the OIL, but got stopped out of the GLD trade Wednesday.