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The U.S. stock market no longer looks like a bargain after recent strong gains. A rise in price-to-earnings ratios suggests investors should be cautious. Even some who expect more gains see room for a pullback now.   (WSJ)

FX Trading – Pullback time?
Usually, when everyone in the market is talking and thinking about something you tend not to get it.  The Heisenberg principle of markets? 

The dollar was flattened on Friday.  A lot of currencies appear “overbought” against the buck.  And of course we all know the driver of Friday’s rally–stocks.  The S&P 500 was able to reverse the seemingly key day reversal that was set up on Thursday.  And many are expecting stocks to pullback today and at least consolidate this run. 

The daily chart below of the S&P 500:

The daily chart below of the Australian dollar to the USD:

Short-term players may wish to play for a rest.  But be careful because it seems all of us are expecting it.