Pageviews past week

Tuesday, October 20, 2015

The opposite of yesterday today as the Dow fell 13 points on light volume.  The advance/declines were positive.  The small stocks were relatively weaker today.  The summation index continues higher.  Things here have the feel of trying to make up its mind in my view.  There's no hurry to put on any trade here.  Still overbought on the short term indicators.  Watch and wait is my strategy at the moment.  GE was off almost 1/4 and the volume is still very heavy.  I'm waiting for more of a pull back here.  Gold was back up a few bucks today.  The US dollar finished the session almost flat.  The XAU was back up 2 points, while GDX rose 2/3.  Volume was good here.  Maybe the up trend in the gold shares isn't over yet.  Time will tell on that.  Mentally I'm feeling OK.  Patience is key here as the signal is for a decline but I do not think that it is worth the risk.  High option premiums along with plenty of time in the November cycle has me on the sidelines for now.  My ideal scenario would be a decline to an oversold reading and then the purchase of some SPY calls.  The market rarely accommodates you.  It appears that the foreign markets are in the same going nowhere mode at the moment.  You cannot force the issue.  It is a time to keep an eye on things and get ready for the next opportunity.  We'll follow the overnight action as usual. 

No comments: