Friday, November 27, 2015
Quiet trading in a shortened session as the Dow lost 15 points on extremely light volume. The advance/declines were positive and the summation index is moving higher. My SPY December calls are still in the black. GE was flat on the day and the volume was light. Gold fell $14 on the futures and the US dollar was higher. The XAU lost a point and GDX fell 1/4. Volume was light. No love for gold remains the story here. Mentally I'm feeling OK. We've been trending sideways for over a week in the major averages. We are also more overbought than oversold on the technical indicators. Some decline early next week would not be a surprise. I'm still a believer in higher prices before the December expiration. At least 2120 on the S&P 500 in my opinion. So we'll see. It's late on a Friday during the holiday weekend. A break before the open on Monday is in order.