I’m tempted to say overnight trading is perfect and that we have...

I’m tempted to say overnight trading is perfect and that we have seen the top in both the SPX and the XJO but I suppose only the market can confirm that. But I am beginning to think the ridiculous amount of time I have spent lately on cycles might be going to pay off. But I repeat again if we have seen the top, I am only looking for a C wave correction before we head higher again. But that as well is an ongoing picture depending on how the correction plays out.

The volume last night on the SPY and QQQ’s was really low. Talk about complacency. I will be watching the volume in these two markets for an indication of the bottom.

My main focus now is whether we will get gold going in the opposite direction to stocks - that is of course assuming stocks are going to head lower. The path looks difficult though with the US dollar stronger against all the crosses this morning. I need a reversal in the US dollar.

If this is the high in the stocks, the question is will all the markets turn in unison. Crikey it is a stressful - but interesting - game.