Thursday, December 10, 2015
Slightly higher today but the market could not hold onto the majority of its gains. The Dow rose 82 points on average volume. The advance/declines were about even. The Dow was stronger than the overall market. The summation index continues lower. The market has a feel of gloom to it and we are probably heading lower from here. All recent buying has been met with selling and that is not bullish. The retail sales data due tomorrow will most likely be the market mover. Six days left in the December option cycle. My SPY December calls remain losers. GE was up 18 cents on OK volume. I canceled the open order for the January calls here. I might try it again but at this point GE has moved too far away from the strike price that I desire. Gold fell five bucks on the futures as the US dollar bounced back. The XAU and GDX had slight fractional moves one way or the other. Volume was very light. Still no love for gold and the gold shares. Mentally I'm feeling OK. If the market doesn't turn around to the upside tomorrow, I think that my SPY trade will be dead. The market was up 200 points today and couldn't hold on. My thinking is that we will see a rally if rates get nudged up next week on Wednesday. However I do not think that will help my call trade if we continue lower into that event. Obviously I should have exited this trade long ago but that did not fit the scenario I had envisioned. The summation index is down, prices are heading lower. But we all know that could change tomorrow as well. It's anybody's guess what will happen. We are still oversold on a daily basis for the short term technical indicators. The foreign markets are in daily downtrends. We'll close out the week tomorrow.