Wednesday, September 07, 2016
Another attempt at a sell off but the market keeps coming back. The Dow did fall 12 points on light volume but it was off more for much of the day. The advance/declines were positive and the NASDAQ was higher. The summation index is turning back up. It is a market that seems to want to go higher. So the grind upward is probably going to continue. However with the lack of volatility, it makes the trading tough. There simply isn't enough price movement to get the option premiums moving a lot. I'll continue to wait for a decent signal. Hopefully sometime soon. GE was flat on lighter volume and came off of its lows as well. Gold was down around $5 on the futures as the US dollar was up slightly. The XAU and GDX had fractional losses on average volume. The same coming off of the lows pattern prevailed here as well. Mentally I'm feeling OK. The market is attempting to break out above the months long consolidation but we'll need to see some volume for it to be real. The TRAN had a good session today and perhaps that will lead things higher. We are up at near term resistance there. More short term overbought than oversold for the major stock indices. It doesn't look like I'll be attempting a trade in the September option cycle at this rate. You can't try and press things sometimes in the game because it usually leads to trouble. I will do my best to remain patient and wait for what I deem a decent signal. It isn't easy. Europe was higher and Asia generally lower overnight. Not much important economic data before we finish the week and it looks like the trading for me will be in a holding pattern. We'll keep an eye on things overnight as usual.