Looking for Consolidation

Dip buying was aggressive yesterday, but their remains pressure from European profit takers, which should keep the market in back-and-fill mode over the rest of the week. From the European perspective the market has been in a correction since the dollar started falling heavily last week. The US market in Euros is quite a different picture than it is in dollars. Nevertheless, the discrepancies should even out over the next week as we are seeing good accumulation take place into the dips. The gold and oil sectors remain under heavy accumulation and moves in both these commodities could last into next year. Blue chip stocks are also in good shape here and as early as next week we should start to see new highs being reached.