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Tuesday, December 06, 2016

A drift higher today as the Dow was up 35 points on good volume.  The advance/declines were better than 2 to 1 positive.  The summation index is moving up.  The overall market was stronger than the Dow again and that's bullish.  We're going higher and there isn't anything that I can see on the horizon to derail this trend.  There are no sellers for now.  It does not appear that the SPY December call trade will happen.  I can only remain patient and look for the next opportunity.  Running out of time in the December option cycle and then we have the holidays to contend with.  I suppose that I'll be trying to get long at some point.  GE was up a few cents on pretty light volume.  Still more overbought than oversold here.  Gold was off $6 again on the futures as the US dollar bounced back.  The XAU and GDX had slight fractional losses on extremely light volume.  Mentally I'm feeling OK.  Not much else to report as we continue to move up.  The Dow and the TRAN have remained short term overbought for weeks.  It's hard to trade against that trend.  Major stock indices are moving above near term resistance, so there is no telling how long this will go on.  It has already lasted much longer than normal.  We never did get back to mid-range on the technical indicators for the S&P but we did have a slight decline and now have moved up off of that.  All I can do is wait for some better downside before trying the SPY calls again.  But it really doesn't look like that will occur.  Perhaps there will be a short term trade to try around the Fed meeting but that's not until next week.  Plus I'm not that good at the short term trades.  So it remains a watch and wait time for me.  Europe and Asia were higher overnight.  We'll see what tomorrow brings.

1 comment:

pranjali upadhyay said...

JSW Steel Ltd, an arm of JSW Group, reported a jump of 45% in its crude steel production at 12.27 lakh tonnes during November 2016.