The action feels like it is being squeezed higher today. I am a bit surpised so many shorts would get in on Tuesday's selloff and would guess quite a few were in near last weeks highs. This can probably continue into next week but ultimately I think the best long entries will come below yesterday's lows.
The chatter (and prices) in oil and commodities is a touch frothy and I am not sure it can continue much longer. The falling bond yields do not confirm the higher commodity prices so that could be a sign to book some profits. I prefer owning the precious metals over the industrials as they have been left behind a bit.
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