Wednesday, June 03, 2015
Once again the market is heading nowhere fast as the Dow gained 64 points on light volume. The advance/declines were barely positive. The Dow finished well off of the highs for the session. The summation index is still moving lower. The TRAN had a strong session and that's a positive. But I still don't have a good feel or signal on what to do here. I'm leaning towards the SPY call side but the volume has been so light lately that I don't have a good idea. I'll probably just remain on the sidelines. GE gained 20 cents and the volume is still light. It looks like maybe that GE will not get into what I consider the buy zone for the July calls. I'll wait and see. Gold was off almost $10 on the futures despite another drop in the US dollar. The XAU shed 1 1/4, while GDX lost 1/3. Volume remains lackluster. I'm guessing that things will pick up here with the release of the jobs numbers. Which way is the question. Mentally I'm feeling OK. Tomorrow should be another wishy-washy session ahead of Fridays release. I'm most likely going to remain cautious. Sometimes you have to be patient and wait for good set ups. You do not want to get into a habit of guessing. I would like to put on a trade but there isn't really anything that I'm clear on right now. The precious metals are getting short term oversold but I'm going to wait. Ditto for the gold shares. I may change my mind tomorrow but for now indecision rules the day. We'll watch what happens in the foreign markets overnight and take it from there.