Wednesday, November 25, 2015
Pre-holiday trading was expected as the Dow was up a point on light volume. The advance/declines were positive. The summation index is moving higher. Not much movement and nothing to really report. Expect the same on Friday unless there is another terrorist attack. GE was off 1/3 and the volume was lighter than it has been. Gold fell a few bucks on the futures as the US dollar was a bit higher. The XAU and GDX had slight fractional losses on very light volume. With all the world turmoil it certainly isn't bullish to see gold languish. Mentally I'm feeling OK. The game plan remains to hold on to the SPY December calls until we get to an overbought reading on multiple indicators. This could happen next week or we could simply roll over as well. The major stock indexes are closer to overbought than to oversold at the moment. With the exception of the TRAN which is weaker right now. That isn't a positive sign. Sideways on the S&P 500 would be acceptable in the near term. For now let's enjoy the Thanksgiving holiday and long weekend.