Pageviews past week

Tuesday, February 03, 2015

Quite a move today as the Dow roared 305 points higher on very heavy volume.  The advance/declines were 4 to 1 positive.  The summation index is heading higher.  Well, at least my ideas are heading in the right direction.  But money needs to be made.  I think we'll see new all time highs by expiration in February.  The ideal buy time was yesterday morning but there is probably still time to make a trade.  Any decline will be bought.  There are no more sellers for now.  The bounce in oil is probably as good a reason as anything.  However the technical set-up was there, I just didn't have the right orders placed.  Too slow to make any adjustments didn't help either.  At least I'm starting to feel a bit better though.  GE was up 1/4 and the volume was average.  Perhaps the GE March call trade will work itself out.  Gold fell $15 on the futures and the US dollar had a weak session for a change.  Perhaps the flight to safety trade is over.  The XAU dropped 1 1/2, while GDX lost 1/2.  USO was up a point and has had a nice bounce.  Mentally I'm feeling OK despite missing this huge two day move.  There will be plenty of trades to make this year anyway.  Physically I'm regaining strength and should be back to normal by the end of the week.  I'd expect some backing and filling ahead of the employment report.  But it would be no surprise to just keep heading higher.  I'm pretty sure new all time highs for the major stock indices will be coming in the next 2 1/2 weeks.  Hopefully I'll be able to position something for a profit before then.  The dollar dropped hard today and gold didn't rally.  That isn't bullish for the precious metal.  It doesn't mean that it will be heading for a big drop but it may signal sideways to lower near term.  That's a guess as usual.  We'll keep an eye on the overnight news and see what tomorrow brings.

No comments: