Wednesday, March 23, 2016
Heading lower today as the Dow fell 80 points on light volume. The advance/declines were almost 3 to 1 negative. This could start the summation index to move sideways. The overall market was weaker than the Dow. So did I miss yet another trade? Time will tell on that. I'll probably still be looking to get some SPY April puts if we see some upside in the next couple of days. I'd expect tomorrow to be pretty quiet, considering it's the day before a long holiday weekend. But I could be wrong. This could finally be the start of the long awaited rollover. I don't expect any huge decline but at least something that could be traded. Hopefully I'm not too late. GE was flat and volume remains light. Gold got hammered today. The precious metal futures fell over $25 as the US dollar was higher again. The XAU shed 5 1/4, while GDX lost 1 1/2. Volume was good to the downside. This looks like the rest that gold and the gold shares need to take. Also right on time seasonally with the March time frame. Mentally I'm feeling a bit tired, not enough sleep. Today does break the short term up trend line in some of the major indices. So perhaps if we get a snap back to that line we will get the chance to purchase some puts. If we simply head lower then the opportunity has been missed. We'll see what the market does tomorrow and go from there. Although waiting until next week may be the best course of action. The overseas markets have been mixed since the bombing in Brussels. We'll close out the shortened trading week tomorrow.