Monday, November 02, 2015
The rally continues as the Dow rose 165 points on good volume. The advance/declines were 4 to 1 positive. This should turn the summation index back to the upside. Beginning of the month money flows helped I'm sure. The S&P 500 is cutting through the overhead resistance as if it isn't there. Overbought and staying that way for an extended time period. In retrospect, I should have just gotten some SPY calls weeks ago and held on. GE came back today as well, gaining 1/2 on heavy volume. I'm still looking to go out to the January options here. Gold was off $8 on the futures but the US dollar didn't do much today. The gold shares were up slightly as the market rally probably helped things out here. Mentally I'm feeling OK. Still no pullback to speak of in the stock indices. It might be too late just to get long here. I really would like to wait for a better technical set up before doing anything. So patience will still be the game plan. I do not want to put on a trade just for the sake of doing it. I'd like to get something going but I'd like to make money first and foremost. The employment report on Friday should provide the fireworks for the week. We'll watch and see if the foreign markets follow the US higher overnight.