Thursday, December 22, 2016
Another pause in the climb to 20000 as the Dow fell 23 points on light volume. The advance/declines were negative. The overall market was weaker than the Dow. The summation index is still moving higher. The economic data came in about where expected. We still remain overbought on the short term technical indicators for the major indices. We've been going sideways now for a couple of weeks but remain in a very positive seasonal time period. I do believe that this will eventually take us to the 20000 promised land. The light volume indicates that a lot of the players are gone for the holidays early. We'll need to see a return of better volume to hit the milestone. GE was off a few cents and the volume was light. Gold lost a couple bucks and the US dollar finished barely higher. The XAU and GDX were slightly lower. Volume was almost average. Mentally I'm feeling OK. Not much else to say with the long holiday weekend almost upon us. I would expect tomorrow to be a very light volume levitation as it should be pretty quiet. I am still looking at the SPY January calls but the premiums remain expanded due to the time factor. Perhaps I'll get a shot at them next week. I do not think that things are rolling over here but I've been wrong before. Asia was lower and Europe mixed overnight. However the moves were once again muted as there aren't any players to drive the volume. We'll finish out the week most likely quietly tomorrow.