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.