Monday, August 15, 2016
Another day another new all time high as the Dow gained 59 points on light volume. The advance/declines were about 2 to 1 positive. The summation index is trying to turn back up. Still simply the summer doldrums here as we drift through August. Option expiration week and plenty of economic data due out. Plus we get the Fed minutes on Wednesday. So there is potential for market movement but the trend remains a grind higher. No trades for me until the week is over is the idea for now. GE was flat on light volume. Hugging the 50 day moving average here. Gold was up a few bucks on the futures as the US dollar was a bit lower. The XAU and GDX had slight fractional losses on very light volume. Light volume is the theme all the way around. Mentally I'm feeling OK. I'm starting to hear a little more bullishness in the press, so I will continue to look at the SPY September puts. Overbought and staying that way for the major indices. At this rate it appears that we will reach the 2200 level on the S&P 500 soon. That is a nice round number that perhaps we'll see some selling. However unless there is some kind of external shock to the market, higher is the word. Europe and Asia were higher with the exception of Japan. Lots of data out tomorrow and then the Fed on Wednesday.