Friday, May 22, 2015
Lower today as we were for much of the session as the Dow fell 52 points on very light volume. The advance declines were negative. We bounced around and then dropped in the final half hour to close with a loss. You can't read too much into todays action because the market was certainly in holiday mode. The Yellen speech came and went. The short term technical indicators for most of the major averages are still in the overbought zone. The summation index is moving sideways. GE was off a few cents, the volume very light. Overbought here as well. Gold was flat despite a higher US dollar. The XAU and GDX had fractional losses. Volume was very light. Mentally I'm feeling OK. So we got what was expected today in the marketplace. Listless, light volume activity. Not sure what to expect next week but I'll try and figure that out over the weekend. It really was a week to just let pass by and I'm glad I did. Next week perhaps the 1st quarter GDP revision will be the mover on Friday. That's a guess as usual. The gold share indices are breaking down from their ascending trend channel. Not quite oversold there yet on a short term basis. Not mush else to say about today. I'll be checking the charts this weekend as usual. Perhaps I'll be able to come up with a trade for the June option cycle. For now it's Friday afternoon and time for a break.