THE TRENDS: The long term trend remains up as does the intermediate term trend. I mentioned last week that my expectation was that over the next few weeks I expected the market to congest or retrace a bit. That is exactly what happened this past week. While the market closed higher than the week before, it only closed marginally higher. More importantly, it did not retrace enough to give an opportunity to re-enter the market.
WHAT I WOULD DO: I would still stay on the sidelines until there is more of a retracement that would allow me to get in at lower price levels. Right now price is too close to the 148 level, which represents the high made in September. To get in now is NOT a high probability scenario as the prices declined quite precipitously from this level just 4 months ago. Have a great weekend everyone.
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