MORNIGN FOLKS…HAPPY CINCO DE MAYO! besides St. Patricks Day this is my 2nd favorite holiday. I suspect that down to the south where our friendly neighbors reside they often consider it their St. Patricks day or at least celebrate it like this.
in terms of the market we are getting another gap down. This is typical for a while I we got was gap ups! When market is falling every morning you wake up thinking this might be the day then you find out that mother market dropped a load in your pillow to say good morning. GLD down this morning .5% , USO (OIL) DOWN 2.54%, SLV (SILVER) DOWN 3%. spec money has left the market in droves the past 2 weeks which is causing a cascade of selling in a variety of things. We shall…in the past this type of dip to support along with many historical factors ( the action of last 2 years) would lend probabilities to a bounce. If we dont see one in next 3-4 days we just might experience a bit longer or deeper of a correction. We are on major support and have a whole host of data and things coming out next couple days lets see what happens. For the moment this is hit and run trading….unless you can move quick and know how it might be best to just sit back and make a wishlist of stocks that you’d like to own at very ideal prices and wait.