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Tuesday, April 14, 2015

A mixed bag today as the Dow gained 59 points on average volume.  The advance/declines were positive.  The small stocks were weaker today and that is bearish.  However the summation index continues higher.  My SPY April calls are still losers with only 3 days left in the April option cycle.  Retail sales came in about where expected.  We get the Fed beige book tomorrow and that could get things moving.  I'm going to have to dump this trade soon as time is running out.  GE was up a dime on still heavy volume.  Earnings due Friday morning.  No trade for me here as the risk outweighs the reward at this point.  However if GE pulls back to the recent breakout point, calls will be in order.  Gold was off 6 bucks on the futures despite a pretty good drop in the US dollar.  The XAU was up 3/4, while GDX rose 1/8.  Volume was light.  There is no hurry to trade the gold shares.  Mentally I'm feeling OK.  I'm thinking that if my SPY April calls get to positive territory in the next day or so, I'll sell them at whatever I can get.  Otherwise this trade will be a loser.  I do not want to take a big % loss here.  So attention must be paid.  The short term technical indicators remain overbought on the major stock indexes.  So we'll see what happens tomorrow.  I may have to wait on the Feds beige book.  We are still knocking on the door for new all time highs.  We'll keep an eye on the overseas developments and see what tomorrow brings.

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