First, if you’re not reading Cooper, you should be.

“Interestingly counting from the initial reversal in the S&P on May 23rd the current formation will be seven weeks old going into the first week of July, the seventh month of this - a year ending in seven, seven years from the 2000 high.”

Second, we’ve now had buying the past couple of days to shine those end of quarter statements up for investors. A Nasdaq buy signal today, ended with an inverted hammer. I saw plenty of red, while the indices flashed green. A lower low that sticks tomorrow will make this trader a little more bearish. Trade below Wednesday’s low would confirm a failed buy signal.

That scenario would also break the 4 month uptrend in the OIH. I’m not calling the bulls down for the count, but today’s high needs to be remounted soon for them to hold this up.

OIH stopped it’s decline on the 4-month trendline. I mentioned I’d be watching for a trade in gold and oil stocks.

DIG, the double-long Profunds ETF, is one way to play the volatility in the sector. DIG bounced off it’s 50dma today. DUG is it’s double-short opposite.

Until this uptrend is broken, I’m comfortable with the long side. One more chart… Look at the channel XAU is trading in. It’s stalling at the 5-minute 200ma as I write this. A first target for partial sells.