Monday, November 23, 2015
Some selling to start off the holiday week as the Dow fell 31 points on OK volume. The advance/declines were barely positive. Starting to work off the short term overbought condition is my interpretation of todays trading. The summation index is trying to turn back up. It really should be a lackluster week in the market and today exemplifies that. GE lost a few cents and the volume remains extremely heavy. Waiting to get some calls here. Gold was off $8 on the futures as the US dollar was a bit higher. The XAU and GDX had slight fractional losses on very light volume. I don't expect much this week for the precious metals either. Mentally I'm feeling OK. This should be a week to take a breather. Not much should happen in the markets and it would be a surprise if something did. My SPY December calls lost some of the profit today and that is to be expected near term as we pull back a bit. I'd still like to hold this trade until the beginning of December at least. Some of the medium term indicators are not close to the overbought level. When most of them get there, it will then be time to end this trade. Patience for now with this one. We'll keep an eye on the overnight action or lack of it and see what happens tomorrow.