Tuesday, November 03, 2015
It's a market that just won't stop or so it seems. The Dow gained 89 points on heavy volume. The advance/declines were positive. The summation index is moving up. I don't know how many times over the past few weeks that I've said overbought and staying there but that condition persists. I'm still hoping to get some SPY November calls before expiration. However we could continue to just move up in what is basically a straight line. Some of the major stock indices are approaching all time highs again, while others are not. I'm not sure what to make of that. GE was up about 20 cents on very heavy volume. There's a possible negative daily RSI divergence here. We'll see how it plays out. Gold was sold again today. The futures fell 18 bucks as the US dollar was higher. The XAU and GDX had slight fractional losses on very light volume. No buying interest in the precious metals group. No trades in mind here for me either. Mentally I'm feeling OK. Perhaps we'll see some profit taking ahead of Fridays employment report. That may provide an opportunity to get the calls. But we'll see. The preferred scenario would be an oversold technical reading on a daily basis. We can hope for that at least but we'll see how things transpire in the coming days. There's no reason to try and make something happen. I'll wait for a set up. The foreign markets were mixed last night. We'll keep an eye on them tonight.