Pageviews past week

Wednesday, May 13, 2015

The stock market is still trying to figure out what to do here as the Dow fell 7 points on average volume.  The advance/declines were positive.  We opened with a pop higher but could not hold on to the gains.  The summation index continues lower.  I'm still in the camp of a positive resolution to this sideways pattern.  GE was up almost 20 cents on average volume.  Waiting to buy June or July calls here on an oversold reading.  May not happen at this pace.  Gold rallied today on the weak retail sales number.  The precious metal futures rose $25 as the US dollar took a had a good drop.  The XAU rose 1 3/4, while GDX gained 1/2.  Volume was good.  The medium term technical indicators are overbought for the gold shares.  I do not advise chasing todays gains.  Mentally I'm feeling OK.  It seems like we have been waiting forever for the stock indices to have a sustained direction.  We continue on that path.  The TRAN looks like it is about to break down here.  I'm on the sidelines with regards to the SPY.  I think perhaps the GE calls will be the next trade.  The gold shares can wait for now.  Let's get through this week and go from there is my mantra at the moment.  We'll follow the overnight action and see what tomorrow brings.

No comments: