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Tuesday, June 16, 2015

Moving higher now as the Dow gained 113 points on light volume.  The advance/declines were about 2 to 1 positive.  The summation index is heading lower but I do believe it is about to turn around.  We've got the Fed tomorrow and even if we head lower, I think it's a buying opportunity.  I'm now looking at the SPY July calls.  The risk in the June calls is probably too high for me now with only 3 days left before expiration.  But you never know.  We've still got Greece on Thursday to get through.  However it is most likely some kind of deal will come through.  But it is a problem that will probably never be solved.  GE finished flat on the session after selling off early.  Volume was summer average.  I still like the GE July calls at some point but would prefer to see a solid oversold reading.  Gold was off $5 on the futures as the US dollar was up a bit.  Things could get moving here on the Fed tomorrow.  The XAU fell a point and GDX shed 1/4.  Volume was average.  Patience is the course of action here for now.  Mentally I'm feeling OK.  The TRAN was lower today and you never know how the market will react to the Fed.  But I do think we are at a spot where the summation index will turn around.  Now I could be wrong and we head down for another leg but I don't think so.  If we do get some weakness tomorrow, I'm probably going to try the SPY July calls.  I am looking for some type of summer rally to begin and take us to new all time highs.  The RUT has held up well here and could be leading the way.  So we'll see.  Gold remains above $1150 and that is the level to watch in my opinion.  The lack of a decent rally in the face of the Greek situation could be all you need to know about gold here.  The gold shares are oversold but have remained that way for a couple of weeks.  So we'll see how the markets react to the Fed tomorrow and perhaps try the SPY July calls.

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