Yeah, MACD looks bad, but price is the ultimate arbitrator. So I am being very cautious about my longs at the moment. I'm sure there will be a big battle at 1950 if we start heading back down towards that direction.
On another note look at the MACD on these two: OIH & XLE. Both are sitting at or near trendline. A break of trend and a negative divergence setup and I may go short, although a small position. You never know with these commodities and sinking dollar. I was just telling dan how I recently got burnt on Gold. Bought at the 50ema 2 days ago, it's gapped down and looks like it's going to close both gaps. GLD also looks like an island reversal. Not good, I will be closing today. Hopefully it makes some sort of attempt to close the down gap. (Good thing I bought a small position, I hate losing.)
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