My philosophy for June was all dips could be bought for higher prices. That turned out to be exactly correct. Going forward I think we are in much more dangerous territory than we were a month ago. Several important stocks have reached extreme levels of RSI that flag warning— that is NOT an immediate short, but it IS an unbalanced risk reward. With the market as represented by the SP 500 at new highs this isn’t the place to be chasing long positions. I am NOT short yet, but I do believe a correction is close in weeks if not days away.  

Finding Wins Is Easier With The Wind At Your Back Grab this free book to see how to confidently spot where momentum is headed. Click here

Crude and Gold represent another situation. Crude Oil was turned back from major resistance as per attached chart. However my thought is that we are going to have another run up there and possibly thru the $80 level. 

Gold is a buy on a further dip this coming week, I like the long side. There have been some big deliveries of Comex gold and while that nor anything else is a guarantee of anything, I rather favour the side of the really large money taking delivery of physical gold. 

Thanks,

Joe