New Highs Careful

ES02272014This high has a few things happening that have me proceeding with caution. First off the latest COT report has small spec very bullish and the Large spec getting bearish. Big money is short. However price is king and price is rocking to the upside. I think this goes to the 1877 area then pulls back. I am not sure it will be a topping pattern for the /ES. We shall see. The DIA etf that mirrors the Dow is another story. I mentioned a few weeks back that I am getting short signals for the Dow. $DJI watch 16522. I think this holds and we see it head south. I am waiting for this next turn down before I short it. Gold, Silver and the miners are taking off. this could be another sign that we are not going to get much higher. In summary price is king and we trade what we see. Happy trading.