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Monday, October 03, 2016

We begin the week and the month with a loss, as the Dow fell 54 points on light volume.  The advance/declines were negative.  The summation index is trending sideways.  The short term technical indicators for the S&P 500 are either mid-range or overbought.  No trades in mind at the moment.  Fridays jobs report will be the headline for the week.  GE was up a couple cents and the volume was pretty light.  Gold was off a couple bucks on the futures as the US dollar was higher.  The XAU dropped almost 2 points, while GDX shed 1/2.  Volume was light.  Mentally I'm doing so-so, physically I've still got a ways to go.  I'm not completely back to normal so the trading will have to wait.  I don't see a solid signal here for the SPY one way or the other.  I do think that we will get to new all time highs for the S&P 500 before the end of the year.  But the timing is the question.  Perhaps the market will simply be on hold until Friday.  That's just a guess and guesses are not what we base our trades on.  Europe and Asia were generally higher overnight.  We'll keep an eye on what happens tonight.

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