The market closed out the week rocketing to fresh new yearly highs after a better-than-expected existing home sales report. This was a big win for the Bulls! It certainly felt great, but, of course, now we are faced with the problem of finding new set-ups.
So we will be looking for those set-ups while remaining vigilant over recent gains. Despite believing that a correction will come, not not knowing exactly when that will happen -- our thought is to take advantage of the good set-ups and to contine to take gains along the way. Jumping out of positions a bit too early is far better than staying in them too long.
Some notables: Traders have been selling the China and India US-traded ETFs -- and the market is at levels where, if it does not churn for a bit, traders might begin to take some profits. And, as we have been saying for quite some time, the $USD remains a real key and it will be prudent to keep a sharp eye on it!
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