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Monday, October 26, 2015

A meandering Monday as the Dow fell 23 points on light to average volume.  The advance/declines were negative.  The summation index continues to the upside.  Plenty of economic data out this week plus the Fed.  We're still overbought for the main stock indices.  I'm still considering the SPY November calls if we get to oversold.  Until then it's wait and see time period for me.  GE was up a few cents ands volume was lighter than it's been.  Gold was basically flat on the session while the US dollar lost some ground.  The XAU fell 1 3/4 and GDX was off 1/2.  Volume was average.  I'm not sure where gold is going here.  The US dollar has rallied recently and gold has only moved sideways.  That can be seen as a plus.  Mentally I'm feeling OK.  I'd expect tomorrow to be more of the same as we await the Fed.  I don't expect any changes out of Yellen and company.  Of course the statement from the Fed will be put under a microscope and we'll trade off of that.  Thursdays GDP number will probably be more important.  I'm going to have to stay on the sidelines until we get a decent technical signal.  Still a lot of time in the November option cycle.  So we'll sit and be patient.  We'll see what transpires overseas tonight and take it from there.

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