Tuesday, August 23, 2016
We started out with a pop to the upside and then sold off for the rest of the session. The Dow finished with a gain of 17 points on light volume. The advance/declines were 2 to 1 positive. The summation index is trying to turn around once again. The overall market remains stronger than the Dow and there won't be any major decline as long as that remains the case. The small stocks also continue to outperform. I suppose the idea to wait to trade until after Labor Day is still in place for me. GE was off almost a dime and the volume picked up a bit. No trades here for now. Gold was little changed as was the US dollar. I suppose gold and the dollar are just waiting for the Yellen speech on Friday before the next move gets underway. Mentally I'm feeling OK. We had a chance for something decent to the upside when the day began but spent the day sputtering lower. This summertime price movement or lack thereof has been frustrating to say the least. It makes for even more difficult trading than usual. The sidelines hasn't been a bad place to be. I'm guessing we'll just wallow around until Friday. Europe was generally higher and Asia generally lower overnight. We'll see what tomorrow brings.