US markets may close in red with a slight pullback. That will soften the overbought states of the indexes.
My stock pick is ABX.
The bearish trend lines of DJ-30 and SP-500 that began in May 2011 have been broken up and DJ-30 has stayed well above the trend line for 4 days, meanwhile SP-500 has stayed above it for 2 days. DAX also broke up the bearish trend line began in July 2011 staying well 5 days above it and begins to challenge the MA200.
EUR/USD looks seemingly want to challenge the 1.3055 where it could find the confluence of MA50 with the target of the diamond bottom reversal pattern
These bullish developments may enjoy a few more days before any substantial pullback.
Trading setup for 1/23/2012
Holding long positions until it seems wrong or is proved wrong.