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Monday, July 25, 2016

Lower to begin the week as the Dow fell 77 points on light volume.  The advance/declines were almost 2 to 1 negative.  Lackluster is the best way to describe the action today.  The summation index may start to trend sideways after todays numbers.  The S&P 500 has simply moved sideways for the past 8 sessions.  The lack of selling in the small caps today tells me this is just a pause before we go higher.  But who knows?  Maybe we'll roll over here.  But I doubt it.  Just waiting on the Fed in my opinion.  GE was off 3/8 and the volume was good.  GE led the way up, could it lead the way back down?  Possibly but we'll know as time goes by.  Gold was off $8 on the futures and the US dollar was a bit lower as well.  The XAU shed 3 7/8, while GDX was lower by a point.  Volume was good.  A much needed rest here for the gold shares.  Mentally I'm feeling OK.  So we've gone sideways and now it's time to head one way or the other.  My guess is that we'll go higher to more new all time highs.  The Fed should be a non-event really.  There isn't a chance that there will be a change in rates this time around.  Some economic data due this week but the most important will be the first look at the 2nd quarter GDP report.  We should move from that on Friday.  That will also close out the month.  But first we need to get through the Fed.  Asia and Europe were slightly higher or little changed overnight.  We're in a holding pattern until the Fed announcement.  More of the summer doldrums tomorrow.

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