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Thursday, May 21, 2015

Still trying to figure out which way to go here as the Dow barely changed today on light volume.  The advance/declines were slightly positive again.  The overall market was stronger than the Dow.  Maybe we're going higher, maybe lower and I just don't know.  So I had better wait until things clear up.  I'm going to let tomorrow go by and consider scenarios over the long weekend.  I suspect tomorrow will be another light volume affair unless Janet Yellen says something noteworthy.  GE up another 8 cents on good volume.  The relative strength of GE is very good here.  If we do see a pullback, calls will be in order.  The gold futures were off few bucks and the US dollar was lower as well.  The XAU and GDX had slight fractional losses on light volume.  Patience advised here for the gold share calls.  Mentally I'm doing OK.  Yesterday the McClellan oscillator gave a signal for a big move forecast for today or tomorrow.  We'll see if that pans out.  Direction is not part of the signal.  I'm going to hold off on any SPY options until next week.  The technicals for gold have rolled over.  Expect lower prices there.  We'll close out the trading week tomorrow.

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