Monday, December 28, 2015
Quiet trading as the Dow fell 24 points on very light volume. The advance/declines were negative. The summation index is still moving up. The Santa Claus rally hasn't shown up yet. This rally is historically the last 5 trading days of the year combined with the first 2 trading days of the new year. So we still have 5 days to go. Not a lot of economic data due this week. A lot of players will be off as well. My SPY January calls are still mired in the red. GE was up a few cents and the volume was light. Perhaps GE can help get things moving to the upside. Gold was off $8 on the futures. The US dollar was little changed. The XAU was down 2 points and GDX fell 1/2. Volume was OK here. No compelling reason to own gold at this juncture. Mentally I'm feeling OK. Barring some outside shock it looks like a quiet holiday trading week. Of course this won't help my SPY trade but the environment is what it is. The foreign markets were mixed overnight but more negative than positive. We'll keep an eye on things tonight.