Today the market put in a normal garden – variety pull back off the larger move seen over the last week.
This should be considered healthy and expected, and doesn’t change the outlook that higher prices should still be ahead.
(of note: if we do not move higher from here and instead decline with conviction, then we will make new lows in short order)
We are also in the heart of earnings season so various stocks will perform well and be rewarded, while others will get taken out behind the woodshed and brought down to size.
Gold looks to be poised for a short spike higher, and if this is to occur, it must happen soon – like in the next day or so.
Oil is struggling, showing signs that the grip of deflation is stronger than most people can ever believe.
Tune into tonight’s video for the full analysis.