However, as of the close on Friday, our Overbought / Oversold indicators switched from short to long. There has been chatter that the market is due for a big fall -- but contrarian investors often like to see "the markets climbing a wall of worry." The fact that there are some big-time bears out there gives us some comfort with the bullish indicator.
Our long-term and short term stock market indicators are both currently long -- so we are looking to enter the long side soon.
In other futures markets:
- The Japanese Yen has been wildly strong as traders believe that Japan will not intervene to slow the rise.
- The Gold rush has slowed for now -- but depending on market action, our systems will look to re-enter the long side at some point.
- Bonds continue to rally.
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