"You can never cross the ocean unless you have the courage to lose sight of the shore." ~ Christopher Columbus
Dow Jones
Chart 1 Four Hour Dow Jones Chart
The market has rallied since we identified the low but today we would like to look to sell rallies. 11400 and the high itself should prove to be huge and although we can take it out in the next few days we would expect a decline to at least 11200 will be probable. Notice the indicator along the bottom is also reaching topping zone. The month has started strongly but this doesn't mean the conclusion is a dead cert bullish one. Markets like to surprise and so far this is no surprise as it's simply too obvious. The expected usually turns into the unexpected. The month of November also started with a pump up and it was the first Monday of the month from which the Dow started to decline. We don't expect it to be the same but we do feel price is getting over extended. At best caution should be exercised. Sitting on your hands is sometimes the best trade of all we will be looking for upside shorting opportunities today.
Crude Oil
Chart 2 Crude Oil Four Hour Chart
Oil has had a great run up but we would expect price to have a battling time with the previous highs which we're currently at. $90 will be a HUGE mark and it may print but turnaround time seems round the corner. Notice the indicator along the bottom is at over extended territory and price could react to this as Crude can simply whip down in volatile fashion. So once again a cautious approach should be taken.
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