Thursday, September 08, 2016
Muddling through another day as the Dow fell 46 points on better volume. The advance/declines were negative. The summation index is still trying to turn back up. Directionless is probably the best way to describe the past couple of months. It appears that the market needs some kind of stimulus to get things moving one way or another. Only 6 days to go in the September option cycle. No good trading signal that I can see as of now. GE was off a couple cents on average volume. Gold fell $7 on the futures and the US dollar had a slight gain. The XAU lost 1 3/4, while GDX shed 2/3. Volume was good. Mentally I'm feeling OK. I still feel that we are going to move higher here but at this rate anything could happen. I do notice some potential negative RSI divergences on some of the small cap indices. But they are only potential unless we break down from here. Something will eventually get things going here but until then, it's more of the same. It has been one of the least volatile times for the market in quite some time. It makes for tough trading. I'm on the sidelines still for now. Asia was higher overnight with Europe mixed. We'll close out the trading week tomorrow.