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Hard To Be Bullish/Bearish In This Market

|Includes: DIA, GOLD, SPY, ProShares VIX Short-Term Futures ETF (VIXY)

What I mean is that sure the market rallied strongly today, but it sure does feel like we sold our soul to the Fed. The Dollar collapses, the Gold Bugs rejoice and most are left shaking their heads and saying "wha' happen?" Today's move by the central bankers really has me feeling like the entire US economy can be summed up by the phrase a "house of cards".

It's standard trader's law to have a plan before placing that buy button with your brokerage, but with this market you had better have a really good plan. Be sure to know where you want to book profits on individual stocks and have an exit plan if the markets start to lose momentum.

The reason I 'm saying this is everything looks all well and dandy right now and my market timing signal did issue a buy signal this week, so I'll continue to buy high quality stocks but there is a nagging feeling that we're close to a short term top. The reason I say this is we're due for a new moon on Saturday so either Friday or Monday have a strong potential for being an area where the market may take a breathe.

That's not to say we couldn't rally a couple hundred more points between now and Monday's close, and if that happens I would be even more inclined to think we're going to have a small correction, but that would only be an opportunity to get long stocks that you've been watching in my opinion. I've been a "buy the dips" sort of trader lately and I don't see that changing anytime soon.

Gold is and looks like it will remain at a premium for awhile now. If you aren't in gold and you want it you are going to have to chase - somewhere around $1745 sounds about right to me.

VIX looks determined to break 2012 lows soon. There is no fear in this market whatsoever.