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Tuesday, March 31, 2015

Back to the downside to finish off the month as the Dow fell 200 points on better volume.  The advance/declines were negative but not as much as a down 200 market would suggest.  I thought that this would be a quiet week but that has not been the case.  Todays activity could mean that yesterdays price action was simply an oversold bounce.  I did put in an order for some SPY April calls halfway through the session as it looked like a range bound day.  The order was filled as we broke to the downside in the final hour.  This trade is already a loser.  I do have a stop loss order in place.  Timing is everything and I think my timing here is off.  GE was off 1/3 and looks bearish as well.  I should have exited this trade as soon as it went against me.  Not a lot of money involved here at least.  Gold was off a couple bucks as the US dollar continued higher.  The XAU was off a point and GDX shed 1/4.  Volume was still pretty light here.  Again, there is no interest in gold.  Mentally I'm feeling OK.  Getting the SPY calls here looks like a mistake.  Although today could have been an end of the quarter dump.  We'll know more in the coming sessions.  As long as the stop loss order holds up, it won't be all that bad if it doesn't work out.  And of course there is the employment report on the holiday to deal with.  So we'll see.  The negative action in GE does not bode well for the bulls if it is a precursor as it can be.  We do get the beginning of April tomorrow and perhaps there will be some positive money flows.  Some of the daily short term technical indicators for the major stock indices are trying to roll over.  So it will be a plus for this trade if we can move back up tomorrow.  If not, lower prices will be on the way.  We'll keep an eye on the overnight action and see what tomorrow brings.

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