GOLD

First chart - update on GLD. I'm not recommending anything here, just a follow up to yesterday's post.


Next up, SPY. We got our expected pullback which was nice. There is likely to be a little more pullback as more negative news should come out tomorrow (GDP, jobless claims, etc.). Just keep in mind that most of this "news" is already expected.

Overbought conditions in SPY, IWM, and DIA have all subsided but not so much in QQQQ which has been known to 'lead' the market. Based on that, after hours trading (which is meaningless), and current futures prices (almost meaningless), QQQQ may further the pullback. Let's call SPY 132ish a short-term target.