Thursday, April 02, 2015
A wait and see type of day as the Dow gained 65 points on light volume. The advance/declines were almost 2 to 1 positive. Todays market action should move the summation index to the upside but it is really locked in a sideways channel. We'll get the job numbers tomorrow and then wait all weekend to get the reaction. The McClellan oscillator is forecasting a decent move in the averages. Which way is the question. My SPY April calls are still in the red. GE was up a dime and the volume was light. It is looking more and more as if I will hold these things until the earnings report at the close of expiration week. Needless to say I should have sold them for a loss long ago. Gold was off $7 on the futures despite a drop in the US dollar. The employment report should get these two trading vehicles moving too. The XAU was off about a buck and GDX shed 1/4. Volume was lighter. I still like ABX for my gold share trading at this time. But I do not have any trades in mind for gold right now. Mentally I'm feeling OK. So we will have to see which way things are going to go here. The action in TRAN today was negative and if it continues to break down the averages will follow. But until we open on Monday, it's all a guess. There's an extra day to think about it all as well. So we'll wait and see. My SPY April call trade will hang in the balance. There isn't anything else to report. We'll check the charts over the weekend and watch for news post the employment numbers. It's a long holiday weekend. Perhaps it's time to forget about the market for a couple of days.