Waiting.

0504spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p70142979615&a=266398464

We are in limbo at the moment — inevitable limbo.  Up wave is followed by down wave or side wave.  This principle is as important as the principle of higher highs and higher lows.  This means that traders and investors should be holding their fire, as one never knows how serious the counter wave will be.  Another of our principles–that buys should be made on strength.  In this case the trigger is 2111.

0504gld

http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p60546422961&a=255869372

We remain skeptical of gold.  And would wait until the high is taken out.

In the near future we will discuss the condition and state and prospects of the market over the long term.  Right now we’re waiting.

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