The main theme here is were getting a lot of mixed signals on the markets. One of the market leaders Apple seems stuck in a bearish channel after blowing out earnings and yet I’m adding a lot of names to my momentum watchlist. Here are a few.
Copper which is a baraometer of health in the markets seems stuck at resistance suggesting the market is topping, but if it can break through that level then it would be blue skies for the markets.
Bonds are forming a bullish wedge pattern on it’s weekly chart and that would be bad for the general markets in my opinion.
Finally commodities have all but completed a bearish head and shoulder pattern and your guess is as good as mine if that would be good or bad for the general markets. I haven’t really been able to tell if those 2 markets have been correlated or not as of late.
I have a number of long and short positions right now and until we get more clarity I think that’s how I’ll continue to play this market.