Tuesday, December 29, 2015
Santa Claus arrived today as the Dow rose 192 points on light volume. The advance/declines were almost 3 to 1 positive. The summation index continues higher. I don't trust light volume rallies but it is a holiday week. We'll see if we can build on this tomorrow. Only 2 trading days left for 2015. My SPY January calls are trying to make it back to break even. GE was up 3/8 on OK volume for this week. Hopefully GE is leading the way for the bullish cause. Gold was flat on the futures session as the US dollar was higher. The XAU and GDX had slight fractional moves higher on light volume. Mentally I'm feeling OK. The S&P 500 is trying to finish the year higher. If we can hold up for the last 2 days it will make it. The Dow still needs a little over 100 points more to get to break even. The usual year ending in 5 decent gains did not show up this year. I don't know what that means going forward. The short term technical indicators are now overbought for the major stock indices. It's possible they can stay that way but who knows? I still plan on holding my SPY January calls until the new year. The foreign markets were generally positive last night. We'll keep an eye on things overnight and see what tomorrow brings.