Wednesday, December 30, 2015
Back to the downside as the Dow fell 117 points on light volume. The advance/declines were better than 2 to 1 negative. There was no upside follow through to yesterdays positive price action. That is a problem for the bulls. The summation index is still heading to the upside but the lack of prices going forward today is a bad sign. This is generally a positive time of the year but the market isn't quite cooperating just yet. My SPY January calls remain in the red. GE was off 1/4 and the volume is still light. It looks like GE could potentially roll over here but we will have to see what happens tomorrow. Gold was lower by $7. The US dollar was little changed. The XAU fell about a point, while GDX was off around 1/3. Volume was nothing special. Mentally I'm feeling OK. The final trading day of the year is upon us. It looks like a loser this year for the Dow. The S&P 500 is close to break even. Tomorrow will tell the story there for the year but it certainly wasn't a good one regardless. My trading showed a slight gain for the year but there were too many big losses. My mistakes tended to be huge ones and that is something that I will have to work on in the coming year. For the major indices it appears the short term technical indicators are starting to roll over. Unless things turn around tomorrow, this would not be a positive development. Tomorrow will finish out the year and end this short, light volume trading week. The overseas markets were mixed last night with more down than up. We'll finish the 2015 trading year and get ready for 2016.