Correction?

Not sure that I am in the camp of a correction in the market at this point. I believe that the market sold off due news in the Middle East. Until the market takes out opening range for the year at 125525 (which is also the low of the year) I am bullish. I felt that today the market should have went lower if this were a correction. The Dow only being down 166 is not that big of a deal. Depending on what news we have this weekend I believe in buying dips on Monday. I have been noticing that gold is fading the S&P this year. The opening range for the year in gold is the high. That is the exact opposite for the S&P. I will be watching to see what happens in gold. I believe that lower gold prices will be even more bullish for equities because it takes the risk out of a currency crisis. Even though everyone seems to be thinking that a weakening dollar will cause the stock market to rally, I would rather be watching gold. Gold is now trading like a currency. If gold takes out the high of the year what will happen with the stock market? I believe a new high in gold will be the reason to become bearish on equities. So until then, I am bullish.