Hello Everyone,
Over the weekend I warned to look for a pullback in the market, and that has played out over the last few couple days. This morning we saw a strong rug pull with the S&P 500 down 60 points off yesterday's close at the morning lows, before staging a 30 point rally. The 10 year yield broke out yesterday and followed through again today. Precious metals have continued to be weak and the stocks in that sector continue to underperform. For now we still favor this pullback as a wave 4, which it's possible that it completed, but I favor more consolidation first.
How about that exit from the SPY Trend/Pullback long yesterday! A fantastic trade and exit just in time before today's rug pull.
Tomorrow is the non-farm jobs report
have a great night!
Matt
