Friday, November 25, 2016
A very light volume levitation for the day after Thanksgiving as the Dow rose 68 points during the shortened session. The advance/declines were almost 2 to 1 positive. The summation index continues to move up. No overhead resistance and we'll just have to see how far it goes. Overbought, staying there and due for some kind of rest at some point. Where that point develops is anyones guess. GE was up a dime on the same listless volume. Gold was basically flat as the US dollar was off a bit. The XAU and GDX had slight fractional gains on anemic volume. Mentally I'm feeling a bit tired, did not sleep well. New all time highs in many indices on a daily basis now. Not a lot of press or media about it here so the rally can continue. When everybody is talking about how great stocks are will be the warning sign to head for the exits. We aren't there yet. I'll continue to look and hope for some decline to try the SPY December calls. However at the rate things are going, I may just have to remain on the sidelines. 3 weeks to go in the December option cycle. Plenty of economic data due next week including the jobs report. End of the month as well with the Feds beige book. Enjoy the rest of the long weekend.