Tuesday, August 18, 2015
Basically a drift today as the Dow fell 33 points on light volume. The advance/declines were about 2 to 1 negative. Not much on the news front as we await the Fed minutes tomorrow. The Shanghai market did drop 6% overnight, so that might bear watching again. Otherwise it's finally summer on Wall Street. Listless trading and light volume. GE was off 1/8 or so on light volume. Sideways here for about a month. Gold was off slightly on the futures as the US dollar was higher. The XAU lost a point and GDX fell 1/4. Volume was average. Slowing down here as well. Mentally I'm feeling OK. Three days to go in the August option cycle. No need to take any chances there. In fact the market could be on hold until we get into September. That's a guess as usual. Still more overbought than oversold here for the major stock averages. We'll break out one way or the other from this extended range. You just want to get on board when that happens. But you can't make it happen. The market will make up its mind in its own time. We'll follow the overnight action and await the Fed minutes tomorrow.