Thursday, July 28, 2016
More of the same today as the Dow fell 15 points on light volume. The advance/declines were slightly positive. The summation index is trending sideways. The overall market was stronger than the Dow again. It is a summertime drift as we approach the end of July. The GDP report tomorrow could be a mover in my opinion and we'll get the end of the month as well. I still believe that higher prices and new all time highs are in the near future. GE was off a few cents on average volume. Gold was up $8 on the futures as the US dollar was lower today. The XAU and GDX had slight fractional moves one way or the other on light volume. We could move here tomorrow off of the GDP report as well. A low number would be positive for gold and vice versa. Mentally I'm feeling OK. We've been in a channel for the past couple of weeks for the S&P 500. I expect this to be resolved any time now. My guess is a break higher. We are in the summer mode for the stock market at this time. As I said before it is probably better to be writing the options now as opposed to outright speculation. However, if we do push higher I will be looking at the SPY puts. Foreign markets were generally lower. We'll close out the week tomorrow.