Wednesday, September 23, 2015
Waiting on Janet Yellens speech tomorrow as the Dow fell 50 points on light volume. The advance/declines were negative. The summation index is now moving sideways. Short term oversold for the major stock indices. I did place an order for the SPY October calls but it wasn't filled. I may try this idea again if we see some weakness early tomorrow. A lot of bearishness out there. If I do make this trade it will have to be short term. We're still in the negative seasonal time for stocks. GE was up 3 cents on good volume. No rush to get the calls here but if the market does start to rise here it will be too late for the November calls.. Gold was up $5 on the futures today as the US dollar was slightly lower. The XAU and GDX had fractional losses on light volume. The gold shares haven't followed gold for a while now. They've also shown relative weakness whenever they get the chance. I don't know what would turn things around here. Mentally I'm feeling OK. I'm considering the SPY October calls here. This isn't the strongest signal that I've seen but it may be worth a shot. So we'll see. We've got some economic data due tomorrow but Yellens speech should be the main market mover. I'll consider this trade again tonight and figure out what to do in the morning. We'll see how the foreign markets do overnight.