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Friday, November 20, 2015

Higher again to close out the week as the Dow gained 91 points on good volume.  The advance/declines were positive.  The summation index is still trying to turn around.  Getting short term overbought by some indications.  It was a good week for the bulls.  Next week should be lightly traded with the Thanksgiving holiday looming.  It turns out that if I would have held on to the SPY November calls I actually could have sold them today for a small profit.  Of course it doesn't matter after they have already been sold.  I probably should have held them a bit longer but the risk increases as the expiration draws nearer.  In general the short term trades are not my strength.  The SPY December calls that I have are still in the black.  GE continues to shine as it gained over 1/3 on very heavy volume.  Money has really come into this stock over the past month.  I'm still looking for it to get oversold at some point and that would be the time to buy some calls.  Gold was off a bit on the futures today as the US dollar reversed yesterdays losses.  The XAU fell 1 3/4, while GDX dropped 1/2.  Volume was light.  No trades here for now.  Mentally I'm feeling OK.  It was good to see the market come back this week despite the turmoil around the world.  I'm still a believer in higher prices going forward.  We are close to new all time highs in the S&P 500, as a repeat of this week would get us there.  Not that I think that will happen.  Another plus in my mind is the fact that the McClellan oscillator isn't in positive territory yet.  If and when that occurs will be leading us to higher prices.  The strength in GE is another plus if it is a precursor for the overall market as it often is.  Some of the weekly technical indicators for the major stock indices are getting overbought.  However they could stay that way as often happens in up trends.  But as always the market will go where it wants.  I'll be checking the charts over the weekend but the game plan is to hold onto the SPY December calls for a few weeks.  For now it's Friday afternoon and time for a break.

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