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Friday, April 08, 2016

An interesting session as the Dow gained 35 points on light volume.  The advance/declines were 3 to 1 positive.  The summation index is still heading lower.  We opened the day strong as we were up 150 points in the morning.  But prices faded for the rest of the session until a slight comeback in the final half hour.  I can't say that I know what is going on here.  The breadth today was much better than a 35 point gain would suggest.  But I did notice early on that the small stock were lagging, which they did all day.  My SPY April puts are now slightly back in the black.  This has been an up and down trade for sure.  Looks like I'll be holding this position into next week.  GE was up a bit over 1/8 on light volume.  Gold rose $5 on the futures as the US dollar was lower yet again.  We are at support for the dollar here at around the 94 level.  We'll see if it holds.  The XAU gained 2 7/8, while GDX added 2/3.  Volume was good here.  The gold shares are trying to break through the top of the recent sideways pattern.  Mentally I'm feeling a bit tired, could have slept more.  It has been a back and forth market all week and today did not establish a trend either.  April can have the habit of being sideways and it has played out that was so far.  I almost sold the SPY put position at a loss this morning but decided to wait and see how the day ended since the NASDAQ wasn't leading things higher for a change.  I do think that something is going to happen here soon because the Bollinger bands on some of the major indexes have converged to their closest level in quite a while.  That implies a big move one way or the other.  I don't know if it will occur next week but something is coming.  Better breadth today is a positive but the lack of volume certainly isn't.  We've got expiration week on tap and that usually has a positive bias.  There will be plenty to think about over the weekend.  I'll try and come up with some kind of game plan to exit the current SPY April put position.  For now it's Friday afternoon and time for a break. 

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