Tuesday, September 08, 2015
A good start to the week for the bulls as the Dow soared 390 points on good volume. The advance/declines were over 3 to 1 positive. No news to speak of really for the cause of the rise. The summation index should be moving higher after today. Perhaps the worst of the decline has passed but one day doesn't make a trend. I'm still waiting for a clear signal before my next SPY trade. Patience is still the main idea at this point. GE was up almost a buck on heavy volume. I'm still interested in the November calls here but will not chase this stock right now. The 50 day moving average still has not crossed the 200 day for GE. Gold was up a couple bucks as the US dollar was lower on the session. The XAU and GDX had slight fractional gains on light volume. Still no interest in the gold shares or the precious metals. Mentally I'm feeling OK. We will have to see if we get some upside follow through for the stock indices tomorrow. It is a light week for economic data. There is a chance that the worst is over for the decline but we cannot say that for certain just yet. If we continue higher into the beginning of next week that could set us up for the SPY September puts during expiration week. We still have a long way to go to get there. That is the only potential set up that I see at this point. So we'll wait. We'll see if the foreign markets follow the US lead overnight and go from there.