Additions: ANW AWK ARW DLB EGLE FDS GNK HCP IRF MFE MPWR NETL REG TKLC TSO TTC VLO VSEA
Deletions: AEM ABX AUY
Observations: Gold looks overbought here and the U.S. dollar is toast. TLT and IEF look like exhaustion gaps which should be good for the markets and the Vix continues to fall.
I’ll admit, I wanted the markets to gap up and run higher but looking back I think today pullback on lighter volume was healthy. If the markets would have zoomed higher they probably would have run out of steam all to quickly and return to the primary trend quicker than I’d like to see. I still believe that markets are a buy here and adding to positions on the dips should be profitable. Yesterday the markets showed their hands but it has to try to fool as many people before it moves again.