5:52 pm PST. YM closed above the pivot last Friday, which I had mentioned would give it a shot a new highs. Post close I had just enough time to exit out some GDXJ and switch into UDOW. Wish I had bought more UDOW and sold more GDXJ.
The only reason that I kept some mining stock exposure, even though we had a very bullish looking close, was how SI closed. SI closed just above the pivot and continues to rest right on top of it now. However, with traders loving equities, commodities will probably move to the back burner and get sold.
The Dow probably will continue higher until May, when it becomes as the saying goes “sell in May and go away” for the summer break.
The YM gapped higher this afternoon and above the next pivot 26120 means more upside to come. Staying long UDOW.