Today was another down day and another day of churn. The first chart is the daily and the second is the 1 hour. What you will see in that one hour chart is a new channel building that we are bouncing in and as long as we don’t close below the $1302 area of support, I think we will be ok. There is a lot of news from the Middle East which is in turn driving Oil Prices on speculation, not demand, and that will pass. As long as we do not have a proven shortage, this should be short lived. As soon as Oil prices start to fall, the market should explode up. I still will not stay in this market and base my decisions on hope. If the chart tells me to bail, I will bail without a second thought.
A great saying that I read always applies when it comes to money. “I would much rather wish I was in a market when it was going up, then wish I was out when it is going down.” One of these cost me no money.
If I move any funds, it will be Wednesday at the earliest.
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