Pageviews past week

Tuesday, November 10, 2015

A slight one day reversal as the market opened lower and closed higher.  The Dow gained 27 points on good volume.  The advance/declines were positive.  It was a mostly sideways kind of session.  The summation index is still heading lower.  I was able to pick up some SPY November calls on weakness in the morning.  They are showing a slight gain.  The ideal plan is to hold onto them into the middle of expiration week.  But we will have to see what the market has to say about that.  The small stocks have been relatively weaker here and that is not a positive.  GE was up over 1/3 and the volume was really extremely heavy.  This issue has remained overbought for an extended length of time.  I do not know what is happening here but you cannot argue with price and volume.  I'd still like to get the January calls here if I ever get the chance.  Gold was flat on the futures as the US dollar was a bit higher today.  The XAU fell 1 1/3, while GDX shed 1/3.  Volume was nothing special.  I have no trades in the works for the gold shares at this time.  Mentally I'm feeling OK.  I'm in the next trade now and expecting upside from here.  My hope is that we get back to the recent highs and perhaps exceed them.  But the market will go where it wants.  The short term indicators have rolled over but there is a chance that they will turn back up here.  I did get a buy signal form one of my short term indicators and I'm a believer that it will work.  So we'll see.  The overseas market had a little more downside than upside overnight.  Tomorrow is a partial holiday for Veterans Day as some players will have the day off.  I would not expect a lot of movement in the stock market but there is a chance things could get skewed as well.  Fridays data should provide the reason for the market to move.  We'll keep an eye on the overnight developments and go from there.

No comments: