Pageviews past week

Thursday, July 07, 2016

A one day reversal back to the downside as the Dow opened higher and closed lower.  It fell 22 points on light volume.  The advance/declines were slightly positive.  The summation index is moving up.  The overall market was stronger than the Dow with the small stocks leading the way.  This is a positive.  I still think that maybe we can make an attempt at new all time highs on the S&P before the July expiration.  Tomorrow will most likely be the key with the market reaction to the jobs report.  Still short term overbought on some of the technical indicators.  GE did touch a 52 week high today before falling back.  It was up a few cents on good volume.  Gold fell $5 on the futures as the US dollar was a bit higher.  The XAU dropped 3 points and GDX dipped a point.  Volume was above average.  Gold and the gold shares are overdue for a rest in my opinion.  Some consolidation would be a good thing for the longer term uptrend.  Some of the technical indicators here are over stretched.  Mentally I'm feeling OK.  So we'll get the employment report out of the way tomorrow and then what?  Earnings are coming up next.  Of course those will be stock specific but they always have the potential to be broader market movers.  I'm going to let the July expiration pass before attempting another trade.  Right now I'm looking at the August or September SPY puts.  The ideal scenario would be a light volume rise to new all time highs.  The market rarely cooperates though.  For now I'm on hold with the anticipation that we could see a slow down in trading and volatility after tomorrow.  European markets were higher overnight with Asia mixed.  We'll close out the week tomorrow. 

No comments: