Friday, October 23, 2015
Powering higher as the Dow gained another 157 points today on heavy volume. The advance/declines were positive. The summation index continues higher. The overhead resistance appears to not be a problem. The small stocks out performed and that is bullish. Overbought, staying there and it doesn't seem like there is anything out there to derail this rally. New all time highs are coming, it's just a matter of when. I really need to get some SPY November calls because this market looks like it is going to go straight up. The double bottom measuring objective for the S&P 500 is 2120. GE was off a few cents but the volume remains very heavy here. Gold was off a few bucks on the futures as the US dollar continues to rally. The gold shares went up as the XAU gained 1 3/8, while GDX rose 3/8. Volume was average. I'm not sure why the gold shares rose with a much stronger US dollar for the past 2 days. Probably just tagging along with the overall market. Mentally I'm feeling OK. Well I wanted to let this week pass and now it looks like I should have done something. Hindsight is never wrong. However there wasn't a decent technical signal to trade off of. So you've got to let it go and move on from here. Perhaps we'll see something out of the Fed next week to get things going again. I do think that the beginning of the week will be a wait and see affair. The earnings keep plugging along. This is a game played by companies and wall street 4 times a year. As usual the numbers don't mean anything but the stocks and markets reaction to them are the key. It looks like all systems are go for higher overall prices in the weeks to come. I'll be checking the charts over the weekend as usual to try and come up with something for next week. For now it's Friday afternoon and time for a break.