Not sure what we saw today as the market fell apart in the final half hour.  The Dow fell 118 points on light volume.  The advance/declines were negative.  The summation index is still trending higher.  Probably just some end of the year squaring off in the final minutes today because there wasn't any news to account for the move.  It did cause the short term technical indicators to roll over though.  I still expect a strong start to the new year for stocks.  Perhaps I'll take a closer look at the SPY January calls over the long weekend.  GE was up about a dime and the volume remains heavy.  My open order is still out there and I'll leave it open in case we get a decline on Tuesday morning.  But I doubt it.  I still think that GE will be finding buyers as the new year begins and I'm afraid that I just didn't get filled on this trade.  Gold added $7 and the US dollar continues to drop.  The XAU and GDX were little changed at the close on light volume.  The gold shares have stalled despite a drop in the greenback.  Mentally I'm feeling OK.  A little spike in the VIX on the close but I don't think that it is the start of a serious decline for stocks.  I would be surprised if the beginning of the year brings lower prices.  But I could be wrong.  GE is another story and I may just be too late there.  The Bollinger bands have contracted to the point where something substantial is going to happen.  My belief is that it will be to the upside.  I'll ponder the possibilities over the weekend.  I finished the trading year with a loss of 15%, mainly due to the laddering of the SPY puts in October.  I suppose it could have been worse.  However it doesn't matter now as it's on to 2018.  I'm guessing we won't see another year that was mainly higher all the time.  Not even a 5% correction for the S&P 500 in 2017 if I remember things correctly.  I really don't think that will be case as we roll the calendar forward.  Asia was mixed and Europe lower with the exception of the FTSE in last nights trade.  Plenty of charts to check over the weekend to come up with a winning strategy to start off the new year.  For now it's Friday afternoon and time for a break.

Stocks climbed in the final half hour and that led the Dow to a gain of 63 points on very light volume.  The advance/declines were almost 2 to 1 positive.  The summation index is moving up.  It was another record close for the Dow in the quest for 25000.  We should get there next week to start off the new year.  Nothing has changed technically speaking.  We're still overbought and staying that way.  GE lost a couple cents and the volume remains heavy.  I adjusted my open order for the January calls here.  I'll pay more for them if it gets filled but I'll also be buying less contracts.  If this doesn't get filled tomorrow, that may be it for this idea.  Gold was up $5 as the US dollar continues to drop.  I'm not sure that I can trust what is happening in these two markets considering the lack of players at their desks.  The XAU and GDX had very slight fractional gains on extremely light volume.  Mentally I'm feeling OK.  We'll finish out the trading year tomorrow.  I finished with a small loss.  I'll calculate the numbers tonight and give a final report tomorrow.  Attempting to ladder up the SPY puts in October was my biggest blunder.  I did have some nice winners along the way during the year as well though.  Moving the trading office in the autumn was more of a hassle than I expected.  None of this matters going forward.  I am now looking at the SPY January calls as well but it may be too late for that.  We'll see what happens with GE tomorrow.  Asia was mixed and Europe lower in last nights trade.  We'll close out the week and the year on Friday.

Another lackluster day of trading the Dow rose 28 points on light volume.  The advance/declines were positive.  The summation index is still in an upwards drift.  The same story as yesterday and all the technical conditions remain overbought.  The market is in holiday mode.  GE dropped another nickel on heavy volume.  I'll have to adjust my price for the January options if I want to get filled before the year ends.  My premium price target won't get filled unless were see a decent drop for GE in the next couple of days and I do not anticipate that will happen.  Gold added $4 on the futures as the US dollar was lower.  The XAU and GDX had slight fractional losses on less volume.  Mentally I'm feeling OK.  Not much else to report on todays market activity.  We are at the point of just waiting for the year to end.  I don't expect any big moves in the final two days.  I'll try and get into the GE January call trade before the close on Friday.  But I'm not going to pay more than I want for this idea.  Some of my indicators for the SPY are getting close to a buy signal despite the overall overbought condition of the market.  Perhaps I'll take a closer look there tonight.  Asia was generally higher and Europe mixed last night.  It is slow all around the world this week.  We'll expect more of the same tomorrow.  

The Dow fell 7 points in lackluster trading.  The advance/declines were positive and the volume was extremely light.  The summation index is trying to grind higher.  We're in holiday mode and you can pretty much write this week off.  There's not much economic data coming out and most of the players are away from their desks.  Tread lightly and try to set up your trades for the beginning of the year if you can.  GE was up a nickel and the volume was pretty good.  I'm still trying to get the January calls here.  Gold rose $9 on the futures.  The US dollar finished little changed.  The XAU added 1 2/3, while GDX was up 1/3.  Volume was what passes for average these days.  The gold shares have had a pretty good couple of weeks and have broken above the short term declining tops line.  I'm not sure how long this can last though.  Mentally I'm feeling a bit tired.  Not much else to say about todays price action.  The thin trading puts little meaning into whatever the results end up being.  We'll have another three days of this.  The overbought technical condition of the market persists.  As it has for the past year.  We're overdue for some type of decline but to try and predict when it will occur has been a losing proposition for quite some time.  Asia was mixed and Europe lower overnight.  On to Wednesday.  

Today was simply a drift as expected as the Dow fell 28 points on very light volume.  The advance/declines were just about even.  The summation index is trying to drift higher but has no conviction.  The VIX remains under 10.  No news to report and all technical conditions remain the same.  GE was up 3 cents and the volume here remains pretty good.  I'm still looking to get some January calls before the new year.  Gold found a bid and was up $8 on the futures.  The US dollar was little changed.  The XAU and GDX had fractional gains on light volume.  Mentally I'm feeling OK.  Still overbought for the stock indices but there isn't anything in the way of higher prices.  I'd expect some type of small Santa Claus rally to begin next week.  However I'd also look for slow trading and thin volume.  Monday is a day off and then it's simply a holiday week.  Many players won't be at their desks.  Tread lightly is my advice.  I still don't have any SPY trades in mind but I will be looking at the long side there.  Otherwise it's time to take a break.  I will check the charts eventually this weekend but taking a step back is what I really have in mind.  Asia higher and Europe lower in last nights trade.  Happy Holidays to everyone.

Back to the upside today as the Dow gained 55 points on light volume.  The advance/declines were positive.  The summation index is moving sideways.  We were up over 100 at one point during the session but faded in the afternoon.  It is already feeling like holiday mode for the markets and tomorrow should be a non event.  I'm expecting a drift higher for the next week.  Not much else to report.  GE was basically flat on the day and came off of its highs as well.  My order for the January calls remains open.  Gold and the US dollar were flat today as well.  It is that kind of atmosphere.  The XAU and GDX had slight fractional gains on light volume.  Mentally I'm feeling OK.  Nothing new to report with the holiday approaching.  We are basically going to grind to a halt, with no meaningful activity until the new year.  We may see a mild Santa Claus rally but we've had such a good year already that I don't expect any big gains anytime soon.  I could be wrong but probably not this time around.  I'll still try and get my GE option order filled before the new year but at this rate I may have to increase what I'll pay for them.  We'll see.  Asia was mixed and Europe higher overnight.  We'll finish up the week tomorrow ahead of a long holiday filled weekend.

Another breather for the stock market as the Dow fell 28 points on light volume.  The advance/declines were just about even.  The summation index is still moving sideways.  The tax bill has made it through Congress and awaits the presidents signature.  But like I've already said, what's left to drive prices higher after this?  Overdue, really for some type of pullback.  The technical condition remains the same, very overbought.  It's been this way for weeks on end and it has to end at some point.  There's still no overhead resistance so perhaps the Santa Claus rally will take effect as usual.  GE fell 1/8 on heavy volume.  Possibly starting another leg down here as we've broken through the near term support.  I've still got my open order in for the January calls here but adjusted down the price I'll pay today.  So I've lowered the strike price and the amount I'll pay in the past couple of sessions.  Maybe I should simply forget about this and move on to something else.  Gold was up almost $5 on the futures as the US dollar slipped just a bit.  The XAU gained almost 1 1/2 while GDX rose 1/3.  Volume was higher than yesterday.  We've seen the gold shares rise this week so far despite an uptick in short term rates.  Interesting.  Mentally I'm feeling OK.  Just a couple trading days remain before we switch into holiday mode.  I don't have any SPY trades in mind at the moment.  As much as I'd like to see a decline, the trend is up and has been for quite some time.  You can't fight that but we are extremely over extended.  The short term sell signals here haven't worked for a while and every small decline has been bought.  Until we see this change, I'll be on the sidelines with respect to the S&P.  Asia was mixed and Europe lower last night.  We'll keep an eye on the overnight trading.

A pause to refresh today as the Dow fell 37 points on lighter volume.  The advance/declines were almost 2 to 1 negative.  The summation index tried to get going to the upside but is still stuck in a sideways mode.  The overall market was weaker than the Dow.  We are still very overbought any way that you look at it.  The VIX perked up a little today but it doesn't look like anything serious.  That said, a decline of some sort is due at any time now.  The distance from the 50 day moving average in some of the major indices cannot be ignored.  We are in a positive seasonal time frame but that doesn't mean that we can't see some pullback in the near term.  Even if that does occur, I still feel that the Dow 25000 is coming sooner rather than later.  GE was off over 1/8 and the volume was good.  I canceled my open order for the GE January calls and re-entered it at a lower strike price.  We've been in a sideways channel here for about a month and it looks like the bottom of the channel is about to break.  I would still like to be in this trade before the end of the year.  Gold was flat on the futures and the US dollar was lower.  The XAU and GDX were little changed on light volume.  Mentally I'm feeling OK.  The tax bill looks like it will get passed this week.  After that happens, what is left to drive stocks higher in the near term?  A pause would be healthy for the overall condition of the market.  Let the indicators work off the overbought condition and prepare for the next leg up.  Simply continuing straight up would be a recipe for disaster in my opinion.  But I've been wrong before.  The market will be in holiday mode next week so what happens the rest of this week will be important in my view.  So we'll see.  Asia was mixed and Europe generally lower in last nights trading.  We'll see how it goes tomorrow.

A positive start to the week as the Dow gained 140 points on good volume.  The advance/declines were better than 2 to 1 positive.  The summation index is trying to head up but we'll need to see another day like today to really break the sideways mode.  The NASDAQ did break the 7000 barrier during the session.  Just waiting on Dow 25000 at this point,  What happens after that is up for discussion but there remains no overhead resistance.  We are getting further away from the 50 day moving average in several indexes.  Not to mention the technical indicators are extremely overbought.  So some type of pause or decline here is way overdue.  GE was off a few cents and the volume was good.  I adjusted my open order down a bit as the time decay for the January calls here is in effect.  I'm still a believer in this idea but it may not be the best one.  Gold was up $7 as the US dollar softened.  The XAU rose 1 1/2, while GDX gained 1/3.  Volume was light.  Still no real interest in gold here.  Mentally I'm feeling OK.  The party rolls on for stocks with seemingly nothing standing in the way of even higher prices.  You have to admit that if the tax bill passes corporate profits will indeed be going up.  At the moment there are enough votes to pass the bill in the House and Senate.  This is probably one of the reasons that stocks seem to simply be on fire.  However we all know how parabolic advances end and it isn't pretty.  But for now we'll just enjoy the ride.  Europe and Asia were higher overnight.  We'll see what happens tomorrow. 

Record highs abound as the Dow gained 143 points on extremely heavy expiration volume.  The advance/declines were 2 to 1 positive.  The summation index is still trending sideways.  It's a march to 25000 for the Dow in my opinion.  Overbought, staying there and what more can I say?  There are no sellers and when they do arrive buyers aren't far behind.  We are living in a huge bull run.  I can't say when it will end.  We are extended any way you look at it but it simply hasn't mattered.  Only something out of the blue can derail this thing.  If the tax bill succeeds corporate profits will rise.  That can only mean higher stock prices.  Stay long and look for calls.  GE was up 18 cents on heavy volume.  I'm still waiting for my open order to be filled here.  If it isn't done by the end of the year, I'll be canceling this trade.  I do expect some buying in GE at the beginning of the new year.  Gold was up a buck or so but did finish off of its highs.  The US dollar was a bit higher.  The XAU and GDX were little changed on light volume.  Obviously no interest here.  The fundamentals for gold are still negative in my opinion.  Mentally I'm feeling OK.  Enjoy the ride as prices trend higher.  We really need to see some type of breather because things are getting pretty far from the 50 day moving average.  I don't mean a day or so of lower prices like we saw this week.  I mean something in the 3% to 5% range that we haven't even seen this year.  That would make for a more healthy run.  Because we are starting to look like we want to head straight up.  Perhaps that would get us to 25000 but it would not look pretty when it drops.  Parabolic moves always end badly.  We're not there yet but it is a possibility.  Perhaps the market will take a rest after the tax bill vote but that remains to be seen.  Moving into the January option cycle and it has an extra week in it and the holidays as well.  Premiums are a bit high for now.  I don't have any SPY trades in the works at the moment.  I'll wait to see what happens with the GE January call open order and go from there.  I'll be checking the charts out over the weekend as usual and looking for the next trade.  Asia was lower and Europe mixed to finish off the week.  It's Friday afternoon and time for a break.

A bit of selling today as the Dow fell 76 points on average volume.  The advance/declines were shy of 2 to 1 negative.  The summation index is still moving basically sideways but another day like today would change that.  No real reason for the selling other than the short term overbought condition of the market.  Retail sales were better than expected and interest rates remain in check despite yesterdays rise in short term rates.  The RUT was weak again today and is usually a leader but that hasn't worked out lately.  I don't think that this is the beginning of anything sustainable but we'll see.  GE was off over a dime on what passes for average volume these days.  My option ticket for the January calls is getting closer to being punched.  A bit more downside should do it.  Gold rose $6 on the futures and the US dollar was a bit lower.  The XAU and GDX had slight fractional losses on lighter volume.  Mentally I'm feeling OK.  Not sure what to expect from the market after the option expiration this week.  Next week will be the last full week of trading for the year.  After that we'll go into holiday mode with many players out for that week.  I don't expect any sharp moves one way or the other.  I think that the passing of the tax plan is already in the market.  If we get some delay on that bill, we could see some selling.  But I don't think anything significant is in the works marketwise near term.  It should be more of the same with a drift higher in price.  Probably new all time highs set each week as we move along.  Perhaps we'll see a near term drift lower to reset the technical indicators before a new move up.  That's a guess as usual.  Europe and Asia were both lower overnight.  We'll finish up the week tomorrow. 

The beat goes on as the Dow rose 80 points on average volume.  The advance/declines were positive.  The summation index is trending sideways.  Sideways movement usually precedes a drop in the summation index when it is in positive territory so we'll see what happens this time around.  It could move sideways for weeks though.  The Fed came and went.  All went as expected.  Retail sales tomorrow could be a catalyst.  The market remains overbought with new all time highs on the Dow.  The S&P was slightly negative today.  But I don't see any reasons not to expect higher prices going forward.  GE was off 15 cents and the volume was lighter.  Still waiting on my open order for the January calls here to be filled.  A bit more downside or time decay should do the trick.  Gold was up $16 as the US dollar dropped today despite the rise in short term rates.  I certainly cannot explain any of that.  The XAU soared 3 points, while GDX gained 3/4.  Volume picked up on the rise and that's bullish.  One day doesn't make a trend however.  Mentally I'm feeling OK.  The Dow continues its climb towards 25000 and I'm guessing that we'll get there before the end of the year.  The positive seasonal effect of December is in full swing.  We are pretty far away from the 50 day moving average and that will have to correct itself eventually.  But for now it's still up, up and away.  The market can stay overbought for quite some time and we've definitely seen that a lot this year.  Stay long, look for calls and enjoy the ride.  Asia was mixed and Europe lower in last nights trade.  We'll see what tomorrow brings.

A mixed bag today but the Dow managed a gain of 118 points on average volume.  The advance/declines were negative.  The summation index is moving sideways.  The overall market was weaker than the Dow today with the NASDAQ showing a loss.  Waiting on the Fed tomorrow and I don't expect any surprises.  The song remains the same with a new intra-day high for the Dow and the S&P 500 as well.  Short term overbought and staying there.  GE came to life today and was up 1/4 on good volume.  My open order hasn't been filled but I'll be leaving it out there.  I don't expect a rally here for GE.  Perhaps some more tax loss selling before the end of the year.  I would like to be in this trade before the end of the year.  I expect that there will be some bargain buying or dogs of the Dow purchases at the beginning of 2018.  Gold was little changed and the US dollar was a bit higher today.  The XAU and GDX were little changed on average volume.  Mentally I'm feeling OK.  We are seeing the usual positive option expiration week bias so far.  The technical condition of the market remains overbought.  There are no negative divergences that I see at the moment.  There is nothing standing in the way of higher prices.  Asia was slightly lower and Europe had gains overnight.  We'll see how things shape up with the Fed tomorrow.

More of the same as the Dow added 56 points on light volume.  The advance/declines were positive.  The overall market was stronger than the Dow.  The summation index is trying to turn back up.  My guess is that it will as there is nothing standing in the way of higher prices.  We'll get the Fed announcement on Wednesday and I don't see any surprises coming out of that.  My idea of a decline here was wrong and the positive seasonality should kick in for the rest of the month as well.  Unless we get something out of left field, look for the trend to continue higher.  GE was off a few cents and the volume remains pretty good.  My open order for the January calls is close to being filled.  I'm leaving it out there but there's a strong chance that GE will simply trend sideways from here.  That's the feeling I get when I look at the daily chart.  The Bollinger bands are starting to get closer together and that's usually a sign of some type of decent move to come.  We'll see.  Gold fell $5 on the futures as the US dollar was flat.  The XAU and GDX were little changed on average volume.  The Fed raising interest rates isn't positive for gold.  However the news has been already telegraphed and perhaps there won't be much of a reaction in gold when the announcement is made.  Mentally I'm feeling OK.  Options expiration week and the Fed.  We should hit new intra-day highs at some point.  Short term overbought, staying that way and it has been a broken record all year long with that mantra.  It has to end at some point but I certainly don't know when that will be.  Keep looking to the call side.  Asia was higher and Europe lower with the exception of the FTSE.  We'll keep an eye on the overnight developments.

The jobs report came in a bit better than expected and the Dow rallied 117 points on light volume.  The advance/declines were positive.  The summation index is trying to turn up here but the action is really just sideways right now.  The Dow and the S&P 500 closed at new records but the intra-day highs haven't been beaten just yet.  It looks like they will be though.  Once again the decline that I was anticipating just didn't materialize regardless of the technical indicators.  That's been the case all year.  At least this time I didn't try to trade on it.  What can I say?  It has been an incredible rally and it just keeps on going.  I am keeping an eye on the RUT here though.  GE finished flat on the day and the volume was good.  I continue to leave in the open order for the January calls here.  Gold lost a couple of bucks on the futures but did come up off of the lows.  The US dollar finished a positive week with another gain.  The XAU and GDX had slight fractional gains on light volume.  The fundamentals don't favor gold right now.  Mentally I'm feeling OK.  The market continues higher and there is nothing in the way for more gains to accrue.  The decline I was looking for was another bad idea.  The positive seasonality should take continue to take effect with more new all time highs before the end of the year.  We'll get the Fed next week but there shouldn't be any surprises and the market will simply shrug off another rise in short term rates.  We'll get retail sales as well.  It's also options expiration week.  My short term technical take on the S&P 500 here is that we are short term overbought again but not extremely so.  There's room for the indicators to move higher along with the index.  Medium term the index is very overbought without any even minor decline for the whole year.  This won't go on forever but trying to pick the top is a guessing game.  I'll be on the sidelines with regards to the SPY until the January option cycle begins.  I don't have any solid ideas there at the moment.  But looking at the long side seems to be the only way to go.  Europe and Asia were higher overnight.  I'll be checking the charts as usual over the weekend.  For now it's Friday afternoon and time for a break.

The Dow got a bump higher today as the most watched index rose 70 points on light volume.  The advance/declines were shy of 2 to 1 positive.  This could move the summation index back up but also show sideways here as well.  Tomorrows price action to me is important.  It will determine the weekly close and whether we are turning negative here or not.  A positive day will negate my theory of lower prices coming.  A decline would solidify in my mind the idea that we are in for a pause in the rally.  I'm not sure what the numbers will be but the markets reaction to them is the key.  GE was up a nickel on the usual good volume lately.  GE needs to hang in here or the near term support will be broken.  Gold lost $17 on the futures as the US dollar was up again.  It hasn't been a huge rally in the dollar as of late but gold has certainly lost some of its luster.  The XAU and GDX were both flat and came up off of their lows.  Mentally I'm feeling OK.  The VIX has turned back down here and I don't know if it's a precursor of better price action to come.  All we can do at this point is wait to see what the market says tomorrow.  If it's a solid upside session, we'll probably go on to see new all time highs next week.  If not then my idea of lower prices for a change will have a chance.  That's my best take on things at the moment.  Europe and Asia were mixed overnight.  We'll check the employment report in the morning and finish out the trading week from there.   

Another mixed bag for the stock market as the Dow fell 39 points on light volume.  The advance/declines were negative.  The summation index has turned around here but hasn't begun to drop yet in earnest.  The NASDAQ was higher today and the S&P 500 little changed.  I believe we're at an important juncture here.  Perhaps the jobs report on Friday will clarify things.  We have negative divergences along with the same overbought conditions that we've seen all year.  Even though the month of December is considered a pretty positive one, I think we are finally going to drop here.  I could be wrong.  GE was off a dime on average volume.  Gold was basically flat on the day as the US dollar continued to move higher.  The XAU lost a point and GDX dropped 1/4 on better volume.  Mentally I'm feeling tired.  The RUT continues lower but it hasn't been the leader as usual lately.  The VIX dropped as well and actually could be turning back down here.  So perhaps my idea of an actual decline here is off.  I would expect tomorrow to simply be a wait and see session ahead of Friday.  I haven't done a trade in the SPY for a while.  I really need to be mentally prepared to trade that particular vehicle.  With the office move still not completely settled, there is no rush to attempt anything here.  Success in the game requires your best effort and I don't think that I can give it that at the moment.  Trading GE is a different animal.  It is a slow mover and does not require as much attention.  Asia was lower and that was generally the case for Europe as well.  We'll see what tomorrow brings. 

Today we had a one day reversal to the downside for the Dow.  The most watched index dropped 109 points on average volume.  The advance/declines were almost 2 to 1 to the downside.  This might just turn the summation index lower.  The overall market was lower as well but not as much as the Dow.  However it does seem to me that the tone of the market is changing here.  Tomorrow could be interesting.  Perhaps this is finally the beginning of a sustained decline.  We'll find out soon enough.  If we get weak breadth tomorrow that will definitely turn the summation index around.  Stay tuned.  GE dropped almost 20 cents and the volume remains good.  The order for the January calls remains open here for me.  Gold dropped almost $10 today as the US dollar was a bit higher.  The XAU fell 1 1/4, while GDX shed 1/4.  Volume was average.  It looks like another leg down for the gold shares.  Mentally I'm doing OK but still somewhat involved with the hassle of the office move.  We were and are still pretty high above the daily 50 day moving average for the S&P 500.  A return to that level would not be a surprise.  It comes in around 2575.  Also extended above the 50 week moving average on a weekly basis as well.  The potential negative RSI divergences on some of the major averages might finally come to fruition.  We'll know in due time.  But I do think that perhaps this time we will see some decline as it has happened in December before.  If GE breaks through 17.50/17.60 I may have to rethink that potential trade.  That appears to be the near term support.  This may not be the best idea in the world either.  Asia was mixed and Europe lower in yesterdays trade.  We'll keep a close watch on tomorrow.  

Interesting start to the week as we opened much higher and sold off for the rest of the day.  The Dow did manage to hold on to a gain of 58 points on good volume.  The advance/declines were barely positive.  The S&P 500 and the NASDAQ had one day reversals to the downside.  We're still short term overbought for the major stock indices.  Will this be the beginning of some sort of actual downside?  Time will tell on that.  I have seen weakness in the beginning of December before though.  Not anything new on the news front today.  As I stated last week, once we get the tax reform approval, what else is there remaining to drive the market higher?  GE was up a few cents on heavy volume.  I've decided to stick with the GE January call trade for now.  Some more drop here will probably get the order filled.  Gold lost a few bucks today.  The US dollar closed little changed.  The XAU fell 7/8 and GDX shed about 1/3.  Volume was average.  Still no love for the gold shares.  Mentally I'm doing better.  I'm still adjusting to the office move but the markets won't wait.  The VIX has come to life and volatility has returned for now.  There's still room for it to move higher from here.  The small stocks are showing relative weakness and that is not a plus for the bulls.  There are also some potential negative RSI divergences on the daily index charts.  So we can make a case that this time we will see some downside.  On the plus side there's still no overhead resistance and no positive trend lines have been violated.  So we'll see where we go from here.  We'll get the employment report on Friday.  Asia was mixed and Europe higher overnight.  We'll keep an eye on the trading action tonight.  

Today we got a version of Wall streets wild ride as the Dow plummeted over 300 points this morning on an indictment of a former Trump staffer.  However the market eventually shrugged it off and finished the first trading day of December with a loss of 40 points on good volume.  The advance/declines were slightly positive.  The summation index continues to the upside.  Volatility has returned to the market place.  It seems as though all bad news is discounted in a matter of hours and money simply pours into stocks.  Overbought, staying that way and there is no overhead resistance.  That is a recipe for higher prices going forward.  I don't know how long this thing can go on but there seems to be no end in sight.  Declines remain being bought.  Shorts continue to get squeezed.  Sit back and enjoy the ride I suppose.  But I still say that eventually this will end badly.  GE lost 3/8 on heavy volume.  Here's a stock that just can't get out of its own way.  Talk about not participating in the rally.  I'm really beginning to wonder if the January calls are even worth doing.  Gold was up $6 on the futures as the US dollar was a bit lower.  The XAU and GDX had small gains but they fell off of their highs.  There's still no love for the gold shares.  Mentally I'm about exhausted from the moving of the office.  It is affecting how I think at the moment so all trades are off with the exception of the open order for the GE January calls.  But the reality of the situation is that the market doesn't care about how I feel.  The game rolls on regardless of individual circumstances.  The key is recognizing when you are not 100% and scaling back when that occurs.  We're on a bull run.  Today could have done some damage if the market kept dropping but it turned around and came back.  As long as that happens we're going to go higher.  We haven't gotten to the point where everybody and their brother are talking about stocks.  When your Uber driver starts telling you what stocks to buy, then the market will be in trouble.  Keep that in mind going forward.  Asia was mixed and Europe lower last night.  I'll try and check the charts this weekend but it could be just a time to take a break for me.  It's Friday afternoon and time for some rest.

What a way to end the month as the Dow powered ahead by 331 points on extremely heavy volume.  The advance/declines were positive but not by the percentage that you usually would see with a market gaining so much.  The summation index is moving higher.  I've seen this kind of move before in this rally.  I always think that it is the final speculative blow off for the market.  But the market just then moves sideways and takes off again.  We're still in the overbought and staying that way category but this is really getting extreme.  But there is no overhead resistance so we'll just have to see how high this rocket can fly.  Soaring through 24000 was no problem.  Hopes of the tax bill being passed was the general reason for the advance but it hasn't happened yet.  If and when it does we have to ask, what's left for the market after that?  GE was lower by 19 cents and as usual couldn't even participate in an over 300 point gain.  Perhaps the January calls here isn't such a great idea.  I'm leaving the order open for now though.  Gold dropped almost ten bucks again.  The US dollar was a bit weaker.  The XAU and GDX had slight fractional losses on average volume.  Mentally I'm feeling tired.  We've had a great rally for the December option cycle so far and I'm languishing on the sidelines.  SPY calls were obviously the way to go.  But I can only control what I do.  When the outside influences of life take over, you have to step aside and be patient.  Only your best effort is what is required to have a chance to be successful.  Anything less usually won't cut it.  The VIX is on the rise and the market along with it.  That is an unusual combination.  I don't know what it means.  The breadth however is nowhere near what it should be for the major moves that we've seen so far this week.  We are heading straight up and in my experience that usually doesn't end well.  But like I said, it's already happened a few times this year and it hasn't meant anything.  Asia was mixed and Europe lower in last nights trade.  We'll begin the month of December and close out the week tomorrow.

A really mixed bag today as the Dow was higher but the NASDAQ much lower.  The Dow gained 103 points on good volume.  The advance/declines were practically even.  The S&P 500 was flat.  The summation index continues higher.  Tech stocks took a hit which explained the NASDAQ loss.  The big caps powered forward and are approaching 24000.  Overbought once again with no overhead resistance.  We'll have to wait and see if the NASDAQ decline is a sign of things to come.  Probably not.  GE was up a few cents and volume remains pretty solid.  Gold dropped about ten bucks today.  The US dollar didn't do much.  The XAU fell 1 1/2, while GDX shed 3/8.  Volume was heavy.  It looks like a leg down is beginning for the gold shares.  We'll see if there is follow through selling tomorrow.  Mentally I'm exhausted from the move of the office.  I really need to get some rest tonight for a change.  I simply cannot put in the time and effort required to be successful in this game under these conditions.  Nobody would be able to.  Hopefully things will return to normal next week but there are no guarantees.  Asia and Europe were both mixed last night.  We'll see what tomorrow brings.

Rally mode and huge as the Dow gained 255 points on average volume.  The advance/declines were 2 to 1 positive.  The summation index is heading up.  Money is still pouring into stocks.  Is it because of renewed hope for a tax plan?  Bitcoin?  Who knows?  We do know that there is no overhead resistance.  The short term technical indicators are extended to the upside but that hasn't matters for a while.  We just had a consolidation and now we're in the breakout.  With the summation index turning around the trend is up for the foreseeable future.  GE was up over 1/4 on good volume.  I still have the open order out for the January calls here.  We'll need to see some pullback in order for this trade to be filled.  I do still like the idea.  Gold and the US dollar finished flat today.  The XAU and GDX both had slight fractional losses on light volume.  Mentally I'm really feeling tired after this move of the trading office.  It is really a hassle that you don't want to contend with.  It's supposed to be an upgrade but we'll see how it plays out.  The trading in itself is quite a chore.  Throw in some outside obstacles and distractions to make the job that much harder.  I'll simply just stick to the GE January call trade attempt for now.  I'm really very tired and will probably feel that way all week.  Hopefully things will get somewhat back to normal next week.  Asia looked rather flat but Europe rallied last night.  We'll see if we get some follow through to todays stellar gains in the US tomorrow.

Hello.  The office moved yesterday and things did not get back up in time for Mondays blog.  The usual half-assed, incompetent effort that's involved when you can't just do things yourself.  Thankfully it was a non event day in the markets with not a lot of change.  The blog will be back as usual later today.  Thank you for your patience and my sincere apology.

Just a quick note on this holiday shortened session.  The Dow rose 31 points today on extremely light volume.  The advance/declines were positive.  The summation index is moving higher.  This week has been a rise as was anticipated for the holiday.  More new all time highs for some of the major stock indices.  No overhead resistance and unless something comes from out of the blue, you can expect higher prices going forward.  That's my take on things at the moment.  GE was little changed.  Gold was off a couple bucks despite a drop in the US dollar.  The XAU and GDX had fractional losses on very light volume.  Mentally I'm feeling tired.  Europe and Asia were mostly higher last night.  Enjoy the rest of your long weekend.  We'll be back at it on Monday.

A bit lower today as the Dow fell 64 points on light volume.  The advance/declines were positive.  The summation index has turned around and is moving up.  The overall market was stronger than the Dow with the NASDAQ showing a gain.  Not much to make of todays price action.  More of the same on Friday.  GE was up 1/3 on good volume.  Perhaps the decline has ended for GE.  Gold was up $10 as the US dollar got clobbered.  The XAU was up a point, while GDX rose 20 cents.  Volume was better than yesterday.  Mentally I'm feeling OK.  Holiday mode for the market and this blog.  Light volume will be the norm until we get things going again next week.  As I have already said, with the small stocks leading the way, higher prices should be in the future.  Asia was higher and Europe mixed last night.  Happy Thanksgiving everyone. 

Powering higher now as the Dow gained 160 points on OK volume.  The advance/declines were 2 to 1 positive.  The summation index has turned back up here.  New all time highs for the S&P 500 and intra-day for the Dow.  It appears that the consolidation period is now over and higher we will go.  The small stocks are leading the way and the RUT has taken off as well.  The TRAN showed some life today as well.  I didn't think we would see much action with this being a holiday week but I was wrong on that.  Yes, I thought that we would have a positive week but not to this extent.  GE isn't going along for the ride as it lost 15 cents on still heavy volume.  My order for the January calls here remains in effect.  Obviously I still think that this trade has a chance to succeed but it has to get filled first.  Or I could simply be wrong again.  Gold and the US dollar were barely lower.  The XAU and GDX had slight fractional gains on light volume.  Nothing new to report from this sector.  Mentally I'm feeling tired, not enough sleep.  It appears that the next leg up for the stock market has begun.  There remains no overhead resistance so there is no telling how far we will go.  With the small stocks in the lead, you can believe that the rally will last.  In retrospect it looks like the SPY December calls were the way to go.  However it is where we go from here that counts.  I would expect things to thin out tomorrow ahead of the holiday.  Friday will be a shortened trading day.  So I would guess that we won't see much price movement one way or the other from here.  It's probably best to simply sit back and relax until next week when everybody returns from the holiday.  That's what I'm going to do for sure.  Europe and Asia were higher last night as stocks are getting bid around the world.  We'll keep an eye on the overnight trading.  

Moving higher on Monday as the Dow gained 72 points on light volume.  The advance/declines were positive.  The summation index is still trying to turn around here.  The overall market was not as strong as the Dow.  It's a holiday shortened week, so I do think we'll see a positive bias.  I also think that any trades for the SPY should be put off until next week.  The trading will be thin this week.  GE was off about 1/4 on good volume.  Oversold and staying that way.  I do still have my open order in for the January calls here.  Gold fell $20 on the futures and I do not see an obvious reason for that.  The US dollar was a bit higher.  The XAU and GDX had fractional losses on average volume.  There remains no love for gold or the gold shares.  Mentally I'm feeling OK.  The TRAN continues to languish, however the RUT has had a very nice 3 day gain.  I'm still looking for new all time highs in the major stock indices in the coming days or weeks.  There hasn't been any fundamental change in the economy and the recent stall in prices here looks like a consolidation to me.  We'll know for sure in due time.  With the summation index attempting to turn around here, if that were to occur then it would be all systems on go for higher prices.  The summation index may turn around this week.  Asia was mixed and Europe higher last night.  We'll see what tomorrow brings.

There was no follow through to yesterdays bounce as the Dow fell 100 points on light volume.  The advance/declines were almost 2 to 1 positive though.  The summation index is trying to turn around here.  The overall market was stronger than the Dow.  We did not see the usual heavy expiration volume today and I have no explanation for that.  We will be moving into holiday mode for Thanksgiving week coming up.  I do not expect a lot of price movement in the coming trading days.  Basically I'm anticipating being on hold for a week.  We're still medium term overbought but could remain that way as we have for the past couple of months.  Earnings season is now over and I suppose that the market will now focus on the tax deal.  That's my guess for now.  GE was off a few cents and the volume remains pretty heavy.  I'm leaving in the open order for the January calls here.  Gold caught a bid as the futures rose $16.  The US dollar was a bit weaker.  The XAU and GDX had minor gains on better volume.  But there's still no real interest her in my mind.  Mentally I'm feeling tired, did not sleep well.  The market hasn't just gone straight up for the past couple of weeks but I do not think that it is a change to the upside prognosis.  I'm still a believer that this is a pause before we go to new all time highs before the end of the year.  The recent weakness in the TRAN along with the RUT have not manifested itself with a drop in the overall market.  Those two indices are often leaders but that hasn't happened in this case.  The fact that the other small stock indexes are practically at all time highs strengthens the case for a positive outcome to the recent market sideways to lower action.  I'm thinking perhaps SPY calls in the future but will let next week pass at the least.  Asia was higher and Europe lower last night.  It's Friday afternoon and time for a break. 

We got a bounce today as the Dow zoomed 187 points on lighter volume.  The advance/declines were 3 to 1 positive.  The summation index is still moving lower but may attempt to turn around here.  No real news to drive prices higher today so perhaps the move was a result of the short term oversold condition.  It's been kind of a strange week for price movement in my mind so we'll have to see what happens tomorrow.  The short term technical indicators have now turned up for the major indices, so we'll look for follow through tomorrow.  GE just hung around today but the volume was huge.  Apparently there are still plenty of sellers.  Gold and the US dollar both finished little changed.  The XAU and GDX had slight fractional moves lower on extremely light volume.  Again, no interest in the gold shares.  Mentally I'm feeling OK.  Some small stock indices recorded new intra-day highs today.  That tells me that most likely the sideways to lower price movement we've seen lately is coming to an end.  Unless we see a dramatic turnaround back down tomorrow, I'd look for higher equity prices going forward.  New all time highs for the Dow and the S&P should be forthcoming.  That's my best guess at the moment.  We'll get through the November option expiration tomorrow and then things should quiet down with a shortened holiday week on tap.  Europe and Asia were both higher overnight.  We'll finish up the week tomorrow.  

Continuing lower today as the Dow fell 138 points on average volume.  The advance/declines were shy of 2 to 1 negative.  The summation index is still heading lower.  No positive expiration bias this time around.  The VIX did spike higher but came off of its highs for the session, a repeat of yesterday.  We're still not completely oversold for the short term on the major big cap indices but we're getting there.  It also hasn't been much of a percentage decline there either.  I do expect some type of bounce before the end of the week.  The quantity and quality of that should tell us something.  GE was up 1/3 on very heavy volume.  Has the bottom been put in?  Or is this just short covering?  I'm leaving in my open order for the January calls here.  Gold was off five bucks.  The US dollar finished little changed.  The XAU and GDX were little changed as well.  Volume here remains very light and uninteresting.  Mentally I'm feeling OK.  We sold off early again today and made our way back for much of the session.  The difference today was that we sold off again into the close.  We'll see if that makes a difference going forward.  There were no big surprises from the economic data released today.  The small stocks still have good relative strength here, so I'm not expecting some type of imminent collapse.  To me it's still a sideways consolidation before the next leg up.  If we drop from here then I may have to change that thesis.  Foreign stock markets have had a sharper drop but they usually aren't the leaders.  We'll keep an eye on this going forward.  Europe and Asia were both lower last night with Asia taking the worst of it.  I 'll expect some kind of bounce tomorrow in the US.  We'll keep an eye on the overnight trading.    

Just another day of selling off early and then coming back.  The Dow fell 30 points on good volume.  The advance/declines were negative.  The summation index is still moving lower.  Once again the overall market was weaker than the Dow.  We've had plenty of chances to sell off here and it just hasn't happened.  I do think that we are having a sideways correction before we once again move to new all time highs.  I'm not sure how long we'll go on like this but that is what I think is happening here.  The VIX has spiked up here but looks like it is going to roll back over.  The short term technical indicators for the major averages have rolled over but are not completely oversold yet.  GE got slammed again and was off over a buck.  Volume was like yesterday, out of control huge and negative.  I adjusted my January call option order here again to a lower strike price.  I'll feel more confident about this trade the lower we go.  The trouble is that I certainly don't know how far this stock is going to drop.  Gold was up a little over a buck as the US dollar had a weak session.  The XAU and GDX didn't move much on light volume.  Still no love for the gold shares.  We have yet to see the usual positive bias that occurs during option expiration week.  So far it doesn't look like the TRAN and RUT are going to lead us lower here.  The other small stock indices remain near their highs and that's a positive.  I still do not have any SPY trades in the works for the near term.  Although the summation index continues to go down, stock prices really haven't followed.  Again, when the indicators stop working it's probably best to simply step aside.  I also haven't had a good handle on things lately and I'm not feeling 100% yet.  I will keep trying the GE trade though.  Sometimes it is a good idea to try and step in when nobody else wants to.  Europe and Asia were both lower but not by a lot.  We'll see what tomorrow brings.

Once again the market sold off at the open and came all the way back.  The Dow gained 17 points on average volume.  The advance/declines were slightly negative.  The summation index continues lower.  The overall market was just a bit better than the Dow.  We'll get inflation data and retail sales this week.  It's also options expiration week so we'll look for the usual upside bias.  Perhaps that explains todays price action.  I don't have any SPY trades in mind here.  GE got clobbered today as it cut the dividend in half.  It lost 1 1/2 on outrageously heavy volume.  I did place an open order for the January calls here but then canceled it to go to a lower strike price.  I'm leaving the order good until canceled so if we see some more downside it may get filled.  This could be another trying to catch the falling knife trade and we all know what usually happens there.  I'm willing to give it a shot here though.  GE won't drop forever.  Gold gained a few bucks on the futures as the US dollar was barely lower.  The XAU and GDX barely moved on very light volume.  No interest in gold for now.  Mentally I'm feeling a bit better but not completely back to good health.  I should be back to normal soon.  More rest will hopefully do the trick.  The VIX looks like it is ready to roll back down and that should lead to higher prices.  The RUT appears to be trying to put in a bottom here as well and that would be bullish.  It really appears as though the major stock indices have put in some sideways consolidation and now are ready to go higher.  A turn back up in the summation index would solidify that thesis.  Hasn't happened yet but may very well in the coming sessions.  We'll be watching.  As for the potential GE trade, I'll just have to see what goes on from here.  GE did finish off of it's low for the day, so there is a chance that the worst is now over.  There's also the possibility that the shorts are simply starting to cover here.  Time will tell.  Asia was mixed with the NIKK taking a big drop.  Europe was lower.  We'll keep an eye on the overnight action. 

Another attempt at a sell off but the Dow fought back again.  The most watched index finished with a loss of 39 points on average volume.  The advance/declines were negative.  The summation index is still heading lower.  This is looking more and more like a sideways consolidation before we move to new all time highs again.  The short term technical indicators have rolled over for the S&P but it looks like they want to turn back up again.  It has been an incredibly resilient market.  The weakness in the RUT and TRAN haven't meant anything here yet.  The trend remains higher for the major stock indices.  GE came to life a day ahead of what should be a dividend cut at their shareholders meeting on Monday.  It gained fifty cents on very heavy volume.  Perhaps all the bad news has been filtered into the stock but we'll know more on Monday.  I will be looking to purchase some January calls there if it starts to head south.  Gold lost a little over ten bucks today despite a slight drop in the US dollar.  The XAU was down 1/4, while GDX shed about 1/3.  Volume was light.  Oversold here but still no love for the gold shares.  Mentally I'm still tired and ill so that's not the best combination for trying to play the game.  If the RUT and TRAN are going to lead things here, I would have expected to see more of a decline this week.  Some of the major stock averages were negative but not by much.  It still has the look and feel to me as a pause before we move higher.  The VIX did move up slightly this week but evidently not enough to have a legitimate decline.  We'll see how things play out going forward.  The market is somewhat focused on the Trump tax plan but that has yet to finalize the details.  Unless we get some kind of external shock out of nowhere, I'm still looking for higher prices.  Just waiting for whatever news comes out of the GE shareholders meeting on Monday to decide what to do about initiating a trade there.  This may not be the best idea either as there will probably be some tax loss selling in December.  I'll consider the possibilities over the weekend if I'm feeling up to it.  Europe and Asia were lower last night.  It's Friday afternoon and I need some rest.

The market tried to sell off today on a delay with the new tax law but did manage to make a comeback.  The Dow fell 101 points on pretty good volume.  The advance/declines were negative.  The summation index is still moving lower.  The Dow was off well over 200 points midway through the session.  It cut that decline in half and then some.  The market shrugs off bad news repeatedly.  The short term technical indicators for the major indices have rolled over.  We'll see if this actually leads to a sustained decline.  GE was off 1/8 on good volume.  Still waiting on a dividend announcement here.  Gold was up a couple backs.  The US dollar was weaker.  The XAU and GDX had slight fractional losses on light volume.  Mentally I'm feeling tired and I am ill with some kind of flu.  So this post will be short.  We'll see if we get any follow trough selling tomorrow.  Europe and Asia were lower overnight with the exception of the Hang Seng.  We'll finish out the week tomorrow.

The Dow continues the grind higher today by 6 points on very good volume.  The advance/declines were barely positive.  The summation index is still moving lower.  The overall market was stronger than the Dow.  Overbought now for weeks and weeks.  It is sounding like a broken record.  All you can do is stay long because we've gotten plenty of sell signals and none of them have worked.  The VIX remains below 10.  Only the RUT and the TRAN have been in mild consolidations lately.  But there hasn't been any meaningful declines this entire year.  GE was off about a dime on lighter than lately volume.  Gold rose $6 on the futures as the US dollar was just a touch higher.  The XAU and GDX had slight fractional gains on light volume.  Gold is trying to hold its recent lows.  Mentally I'm feeling OK.  So where do we go from here has been the question for quite a while.  The answer so far this year has always been higher.  Stick with the trend is all you can do.  I've been waiting for a correction or some type of decline but it just doesn't happen.  Very short term overbought and extended here but it just doesn't seem to matter.  We are still in a very favorable seasonally time frame.  So I suppose we'll just have to ride it out to the inevitable end.  I do think that it will end badly when it comes.  I still think that we are in the 5th and final wave up of a move that began with the lows of March 2009.  So we will have to wait and see.  Europe and Asia were mixed in last nights trade.  We'll see what tomorrow brings.  

The Dow keeps chugging along as we had selling throughout the session but finished with a gain of 8 points on pretty good volume.  The advance/declines were negative.  The summation index is still heading lower.  The overall market was a bit weaker than the Dow.  Overall conditions remain the same.  Overbought, staying that way and the rally continues on.  We're due for some kind of pullback here in my mind but it probably won't last too long at this rate.  The RUT was much weaker today and it is often times the leader of things to come so stay tuned.  GE was up a few cents and volume is getting back to normal.  Has the selling finally dried up here?  We'll find out once they cut the dividend.  Gold fell $5 on the futures as the US dollar was a bit higher.  The XAU and GDX had slight fractional losses on light volume.  Mentally I'm feeling OK.  So on the rally goes.  The summation index continues to head down yet the Dow continues to make new all time highs.  Something has to give here sooner or later.  Either the summation index will turn around or we'll finally get some weakness in the market.  We are pretty extended above the 50 day moving averages in some indices.  So I would expect prices to head back to there at the least.  We can only watch and wait at this point because I have no SPY trades in mind at the moment.  Asia was higher and Europe lower in last nights trade.  We'll keep an eye on tonights market action. 

The Dow managed a 9 point gain to begin the week on average volume.  The advance/declines were positive.  The summation index is still trending lower.  Not much to say about todays price action.  We traded in a pretty narrow range all day.  Not much on the economic data front this week so we will probably just trade off of the technicals.  We're still overbought on the big cap stock indices.  GE was flat on the session on heavy volume and came off of its highs.  We should get the dividend announcement a week from today.  That is when I'll decide on whether to try the longer term calls here or not.  I'm leaning towards attempting this trade though.  Gold rose over a dozen on the futures today as the US dollar was a bit lower.  The XAU added 1 1/2, while GDX gained 1/2.  Volume was better than it has been.  Mentally I'm feeling OK.  The rally continues, the trend is up and I'd simply expect the higher prices to keep coming.  There has been nothing to stop this market and that should simply continue.  Unless we get some negative headline out of the blue, I'd expect the new all time highs to just keep coming.  There's really nothing else to say.  I haven't traded the SPY in a while and with the changing of my trading brokerage account still in a funk, I don't expect that to change anytime soon.  We've also been very overbought there for weeks on end.  When the technical signals don't work, it's probably a good idea to sit things out until they do.  You certainly don't want to turn this into a guessing game.  You at least want to have something in your favor.  Asia was mixed and Europe lower overnight.  We'll see how it goes tomorrow.

The Dow rose 23 points today on average volume.  The advance/declines were slightly negative.  The summation index continues to move lower.  The overall market was much stronger than the Dow probably due to the gains in AAPL.  The employment report came and went with no real effect on things.  We sold off early and then just resumed the climb.  The technical conditions haven't changed.  Overbought both short and medium term and staying that way for weeks.  I have no clue how much longer this will go on but it will end eventually.  A lower summation index without lower prices is probably bullish.  However I'm still on the sidelines with regards to the SPY.  GE was up 20 cents on heavy volume.  It almost made it to ten days in a row lower.  I'm still waiting for the dividend cut to purchase the longer term calls.  It shouldn't be long now.  I do think there could be some more tax loss selling in December though.  I may have to rethink this idea.  Gold lost $7 on the futures as the US dollar was a bit higher.  The XAU and GDX had fractional losses on light volume.  Still short term oversold here.  Mentally I'm feeling tired.  When I'm feeling mentally tired, I usually make mistakes.  Sitting things out for now.  Earnings are winding down, we've got the jobs report out of the way, the new Fed chief has been announced and we've seen Trumps tax plan.  My thinking is, what's left to drive things higher?  At some point we've got to see some selling just to get the indicators out of the overbought zone for most of the major stock indices.  The RUT and the TRAN are some of the ones not in the overbought zone on a short term basis at the moment.  Along with the NYA, which also has the contracted Bollinger bands.  A lot of the time the RUT is the leader and if so this time around we should see some weakness overall pretty soon.  But it hasn't happened yet.  I suppose I should just be thankful I'm not laddering the SPY puts again.  I'll be checking the charts over the weekend.  However at this juncture I'm in a more of a wait and see mode.  Europe and Asia were higher overnight.  We'll get to fall back over the weekend but for now it's time for a rest.

The market just keeps on going as the Dow gained 81 points on heavy volume.  The advance/declines were barely negative.  The summation index is still heading lower but for some reason that hasn't mattered.  Overbought again and staying that way.  It appears that there is nothing that will stop the rally.  The new Fed chief was announced and we got the first details of the new tax plan.  We rally no matter what the news.  We'll get the jobs numbers tomorrow.  The overall market was weaker than the Dow but that doesn't mean much lately as well.  It is a curious market indeed.  GE was off a few cents but did come off of the lows of the session.  It closed below $20 today  Gold and the US dollar were little changed.  Perhaps waiting for the employment report.  The XAU and GDX were little changed as well.  Mentally I'm feeling OK.  After tomorrows payroll announcement I just don't know what's left to inspire the market.  Overbought readings on the indicators, the summation index traveling lower and still we don't even see any sustained decline.  It's as if it's a teflon market and has been for quite some time.  I'm remaining on the sidelines for now.  When the indicators don't work anymore, it's the best I can do.  I'm still considering the longer term GE calls once they cut the dividend.  That could occur on the 13th at the shareholders meeting.  I'll be keeping an eye on it.  Asia was mixed and Europe mostly lower last night.  We'll get the market reaction to the jobs report and finished up the week tomorrow. 

More drift higher as the Dow gained 57 points on good volume.  The advance/declines were slightly positive.  The summation index is still trending lower.  The small stocks were under performers today.  The economic data released was mixed.  There were no surprises from the Fed.  We'll get Trumps pick for the new Fed head tomorrow.  The big cap indices remain short term overbought.  The small stocks are as well with the exception of the RUT.  I'm still on the sidelines for trading the SPY for now.  GE was off another 1/8 or so and the volume remains extremely heavy.  Very oversold here and staying that way.  Waiting on the dividend cut.  Gold rose $5 on the futures and the US dollar had a gain as well.  The XAU and GDX finished little changed on light volume.  Mentally I'm feeling OK.  The Bollinger bands have tightened dramatically on the NYA which implies a big move coming one way or the other.  The short term technical indicators here appear to be turning up.  The implication is that we will see another leg higher for the rally that has lasted all year already.  The Bollinger bands are tightening on the RUT as well.  So I think we're about to see something in the market but I cannot predict which way things will go.  Perhaps the employment report will be the catalyst.  There was a terrorist attack in NYC yesterday and the market appears to have shrugged it off.  Like all bad news this year, the market just isn't affected.  We'll see how long this will last.  The story tomorrow should be the announcement of the new Fed chair.  Europe and Asia were generally higher overnight.  We'll see what tomorrow brings.

Drifting higher to end the month as the Dow gained 28 points on pretty good volume.  The advance/declines were positive.  The summation index is still moving down.  The economic data today was in line or better than expected.  The short term technical indicators for the S&P 500 have turned back up again.  Some of the small stock indices have broken out to new highs.  So perhaps the overall market will follow.  The summation index is trending lower but stocks are not following.  We'll see what happens after the Fed announcement tomorrow.  GE dropped 1/4 on the same extremely heavy volume.  I'm still waiting for the dividend cut.  Gold was off $5 on the futures.  The US dollar was little changed.  The XAU was down 1 1/8, while GDX shed 1/4.  Volume was light.  We are short term oversold for the gold shares and gold.  Mentally I'm feeling a bit tired.  October was another positive month for the Dow and we are within striking distance of new all time highs.  We are however, pretty overbought on the medium term indicators.  We're also overdue for some type of pullback beyond the small drops we've seen so far this year.  Will something happen before the end of the year?  I certainly don't know.  We're in a favorable seasonal time period for the market but that doesn't mean we can't drop.  Earnings have been pretty solid overall so far.  It perhaps will take some kind of news event to send stocks lower.  But you cannot fight the trend and the trend is definitely higher.  Asia was mixed and Europe higher in last nights trade.  We'll see what the Fed has to say and how November begins tomorrow.

A bit lower to begin the week as the Dow fell 85 points on average volume.  The advance/declines were negative.  The summation index is still heading lower.  I'm not exactly sure what is going on right now but we are still overdue for a decline.  There was no follow through to the strong session on Friday.  Plenty of data and news this week so we'll have to see how things play themselves out.  End of the month tomorrow.  GE just keeps falling and dropped over 1/3 today.  Volume remains extremely heavy.  I'm still considering the longer term calls here.  Gold added $5 on the futures as the US dollar was lower.  The XAU and GDX had fractional gains on light volume.  Rates dropped today and that was supportive for gold.  Mentally I'm feeling OK.  The rally seems to have stalled here for now.  We've also seen a pick up in volatility which sometimes means that the trend is about to come to an end.  We'll know more for sure in the coming days.  We've also got political news coming out of Washington to deal with.  Whether it's the Russian probe or the tax reform, it should provide some market movement.  Plus we've got the Fed this week and the announcement of the next head of the Fed.  So there is a lot for the market to digest this week.  It should be interesting to say the least.  I don't have any SPY trades in mind at the moment.  Europe and Asia were mixed overnight.  We'll finish up the month of October tomorrow.

It's a rally that just won't die.  The Dow added 33 points on good volume.  The advance/declines were positive.  The summation index is still heading down.  The overall market was much stronger than the Dow, with the S&P 500 along with the NASDAQ soaring.  Whatever bearish candlestick patterns that were forming on the weekly charts were wiped out.  It's off to the races again for stocks.  We're still in a parabolic rise as far as I'm concerned but I certainly have no idea when it will end.  It will end badly though in my mind.  That's how it usually goes.  But for now it's still up, up and away.  GE is just the opposite.  It lost another 1/2 on very heavy volume again.  Perhaps my idea of the longer term calls is a waste of time.  Because if this stock can't rally when the market is in a bull run, when can it?  Gold rose five bucks and the US dollar was a bit higher.  The GDP report can in pretty good but the buck didn't do much.  The XAU and GDX had slight fractional gains on OK volume.  Mentally I'm feeling OK.  Although it looked like this was finally going to be a week to the downside, everything turned right back around today.  It is an incredible run.  We're also in a very positive seasonal time period form now until March of next year.  Just how much higher can we go?  With no overhead resistance, I can't really answer that question.  We are still pretty far away from the 50 day moving average on the S&P 500 daily chart.  I thought this week was the beginning of a move that would at least take us back there.  But it was not to be.  Perhaps just stepping aside from this freight train is the smartest idea yet.  Well I suppose I at least figured that out after laddering up and losing all those SPY trades in the beginning of the month.  But the market rolls on and so does the trading.  Plenty of economic data due next week capped off by the jobs report on Friday.  I'll be checking the charts over the weekend as usual and hope to come up with a new idea.  Europe and Asia were mostly higher overnight.  It's Friday afternoon and time for a break.

A mixed bag today as the Dow gained 71 points on good volume.  The advance/declines were slightly positive.  The summation index is heading lower.  The overall market was weaker than the Dow with the NASDAQ negative.  Where we go from here is important because it will give us a clue as to whether this is going to actually be a decline or simply some sideways digestion.  The short term technical indicators have rolled over for the major stock averages.  We'll get the first reading on 3rd quarter GDP tomorrow and it should be a market mover one way or the other.  I have no SPY trades in mind here and the brokerage change that I recently had to endure lives on.  Chucky baby Schwab is lame.  GE lost another 18 cents on heavy volume.  Will the selling ever stop here?  Gold lost $11 on the futures as the US dollar rose a full point.  The XAU dropped 1 1/2, while GDX shed 3/8.  Volume was good.  Gold should continue to fall here as the US dollar has just broken above resistance.  The daily dollar chart appears to have an inverse head and shoulders pattern on it.  The neckline was violated today.  Mentally I'm feeling a bit tired.  This could possibly be the first week in quite some time that the market doesn't have a gain.  If so, we'd now also have a bearish candlestick pattern possibly in place on the weekly charts as well.  Hasn't happened yet but it is something that bears watching.  I'm still considering the longer term GE calls but will wait for the dividend cut.  I'm not sure what I'll do there is there is no dividend cut.  The game is in a continual state of flux.  We'll see what the GDP number has to say and go from there.  Asia was mixed and Europe higher last night.  We'll close out the week of trading tomorrow.

Some selling pressure today but we did come up off of the lows.  The Dow fell 112 points on good volume.  The advance/declines were 3 to 1 negative.  The summation index has rolled over and is heading lower.  The bearish candlestick pattern on the daily SPY chart is coming to fruition.  We should at the least see some sideways price action here if not a decline.  The constant short term extremely overbought condition is coming to an end.  There's support at 2500 for the S&P 500 but that is pretty far from here.  But we could easily get there because the run up has been steep.  GE was off 3/8 and the volume remains very heavy.  I'm still looking at the longer term calls here.  The idea is to still wait for the announcement of a dividend cut.  Gold was pretty much flat on the futures as the US dollar was a bit lower.  The XAU and GDX had fractional losses again on better volume.  Mentally I'm feeling OK.  Most major stock indices came up off of their lows today so perhaps the decline may abate for the time being.  That's a guess as usual.  The short term technical indicators have rolled over.  We are still pretty far above the 50 day moving averages for most indexes.  I would think that the decline can at least get that far.  But who knows?  The rally has been much longer than I thought to begin with.  The VIX spiked up today but finished well off the highs.  At any rate we're seeing a change in the bullish tone of the market so we'll have to keep an eye on that.  Asia was mixed and Europe lower last night.  We'll see how markets react to todays US sell off overnight.

The Dow continues its climb as it gained 167 points on average volume.  The advance/declines were slightly positive.  The summation index is trying to roll over.  The overall market was weaker than the Dow.  Good earnings are providing the fuel higher at this point.  The fact that the Dow is once again leading the way is usually a late stage event in a rally.  But you cannot argue with price and there remains no overhead resistance.  The small stocks are not leading the way here either and that is really what you'd like to see.  GE lost 3/8 on very heavy volume.  The selling simply continues here.  I'll wait for the dividend cut to take a longer term call position here.  My guess is that the slashing of the dividend would be the final blow.  There will however probably be some more tax selling in December.  Gold fell a couple bucks and the US dollar was slightly higher again.  The XAU and GDX had fractional losses again on light volume.  No big movement in the metals market lately.  Mentally I'm feeling a bit tired.  The Dow set a new all time high today but all the other major averages lagged.  Conditions remain extremely overbought and I really don't know how long this can go on.  The usual October volatility has yet to appear.  The bearish engulfing pattern remains in place on the daily candlestick chart for the S&P 500.  That implies some sideways action at the least, if not some type of drop.  So we'll have to see how the rest of the week plays out.  Europe and Asia were slightly positive overnight with the exception of the Hang Seng once again.  We'll keep an eye on the overnight developments.

Lower for a change to begin the week as the Dow fell 54 points on almost average volume.  The advance/declines were almost 2 to 1 negative.  The summation index is trending sideways but that could change here soon.  No real news today but we've been overbought for so long that some kind of downside action is way past due.  We do now have a bearish engulfing pattern on the SPY daily candlestick chart.  So we'll see where we go.  GE fell back 1 1/2 on the same very extremely heavy volume that we saw on Friday.  I am looking at the longer term calls here and now am pretty sure that will be my next trade.  I think that the ideal scenario would be to purchase them the day that GE cuts its dividend but I have no idea when that will be.  Rumor has it that it could be at an analysts meeting on November 13th.  Gold was up a couple bucks on the futures, while the US dollar ended little changed.  The XAU and GDX had fractional losses on light volume.  Mentally I'm feeling OK.  Not much on the economic data front this week with the exception of GDP on Friday.  The VIX had a small spike up today and that is a shift from what we've seen lately.  All selling has been met with buying lately so we'll have to see what happens tomorrow.  It's too early to tell if an actual short term top is in.  But it's possible.  Europe and Asia were both higher with the exception of the Hang Seng.  We'll see what happens tomorrow. 

This is what a blow off top looks like as the Dow climbed 165 points on average volume.  The advance/declines were positive.  The summation index is still basically moving sideways.  The overall market was higher but not as much as the Dow.  I don't know how long this will last but it is interesting to watch.  Shorts continue to get squeezed and the beat goes on.  I cannot explain why the market is acting as it is but you just cannot argue with price.  No overhead resistance is another factor in the rally.  No real news to speak of as the rally feeds on itself.  We'll see how far we can go and it's usually further than anyone expects.  GE opened lower and closed higher.  It gained 1/4 on incredibly massive volume.  Probably some short covering here as well.  Getting the calls early today would already show a nice profit.  The weekly chart now looks bullish and any move back down towards 22 could be the time to try the longer term calls.  Gold dropped $8 on the day as the US dollar was stronger.  The XAU and GDX had slight fractional losses on average volume.  The dollar and gold are acting in tandem now with the usual inverse relationship.  Mentally I'm feeling tired.  The rally is taking on a life of its own.  Any hint of selling is met with buyers.  I'm really beginning to wonder just how far this thing will go.  Expiration week is over so we'll have to see how things progress from here.  Earnings have been OK so far and as long as that holds up the sky's the limit.  I wouldn't chase anything here because as I have said before this probably won't have a happy ending.  I could be wrong but I really do not think so.  In my view this is the fifth and final leg up from the rally that began in March of 2009.  I don't know how far it will go but I do think that it will be the end of the bull market.  Time will tell on that.  Not a lot of data out next week but we will get the first look at 3rd quarter GDP.  Europe and Asia were higher overnight but certainly not as much as the US.  It's Friday afternoon and time for a break. 

The market opened 100 points lower today and fought all the way back.  The Dow rose 5 points on light volume.  The advance/declines were barely higher.  The summation index continues in a sideways direction.  This seems to be a market that just does not want to go down.  The selling was met with plenty of buying.  I can't explain it but you cannot fight it.  We'll just have to see how high we go here before the inevitable drop.  There's still no overhead resistance and there's still no end in sight.  GE was up about 1/2 on very heavy volume.  Perhaps somebody knows about the earnings ahead of time.  I still think GE is a good candidate for the longer term calls.  Gold was up $8 as the US dollar was lower.  The XAU and GDX had slight fractional gains on light volume.  Mentally I'm feeling OK.  It's been quite a run for stocks as we've been overbought for weeks.  The technical indicators are as blown out as I can remember seeing.  Just as things got out of control years ago with the huge decline, we are seeing the opposite today.  And the rallies usually last longer than the declines.  So I don't exactly know how high we're going to go here.  But it won't be pretty when it ends.  I really don't think that the market has even sucked in the public yet.  We'll see how the expiration goes tomorrow.  Asia was mixed, with the Hang Seng getting clobbered.  Europe was lower.  We'll close out the trading week tomorrow.    

The Dow took off today and rose 160 points on light volume.  The advance/declines were barely positive.  The summation index continues to track sideways.  Good earnings news from IBM fueled the rally.  The overall market was much weaker than the Dow and that is a warning sign.  But we have seen warning signs for weeks and yet we haven't seen even a hint of a decline.  I'll say it again, when this ends it will be badly.  The straight up nature of the rise almost predicts its eventual failure.  But we'll enjoy the ride for now.  GE was off a few cents on average volume.  This is one stock that hasn't participated in the rise.  Maybe that will change with its earnings on Friday, maybe not.  Gold was off a few bucks on the futures as the US dollar finished little changed.  The XAU and GDX had fractional losses on very light volume.  Mentally I'm feeling a bit tired.  Usually when the Dow leads things higher we're near the end of a move higher.  And it certainly led things up today.  That doesn't mean we can't go higher.  But as the rally continues unabated to the upside with no pause, it just makes the inevitable drop that much more volatile.  That's my opinion but I've seen it happen before.  However I don't know when it will occur now.  There's still no overhead resistance and there aren't any sellers.  Extremely overbought on all time frames day after day.  It won't end well.  But again, I don't know where the end is.  Well at least I stopped laddering up on the SPY puts a couple of weeks ago.  Europe and Asia were higher in last nights trade.  We'll keep an eye on the markets overnight.

The Dow crossed 23000 for the first time today and closed just shy of that round number.  It gained 40 points on light volume.  The advance/declines were negative.  The summation index is still trending sideways.  Breadth is not confirming the rise here and the overall market has been weaker than the Dow for the past couple of sessions.  That hasn't meant anything for quite some time now.  Overbought and extremely so but we're in a practically straight up move for now.  When it ends is still a guessing game.  GE was off over 1/8 on heavy volume.  Gold dropped $15 on the futures.  The US dollar was a bit higher once again but not so much that a $15 drop in gold would occur.  The XAU and GDX had slight fractional losses on light volume.  Mentally I'm feeling OK.  The story continues with simply higher prices for the stock market, overbought conditions, no overhead resistance and no end in sight.  The positive option expiration week bias seems to be in effect as well.  The month of October generally sees some volatility and we haven't experienced that yet either.  There's not much else to report.  When the technical indicators don't work anymore, there is nothing more to do except wait until they do.  Normally we do not stay overbought for weeks on end.  I'll simply have to remain on the sidelines for now.  Asia was slightly higher and Europe slightly lower in last nights trade.  We'll see what tomorrow brings.

More of the same today as the Dow gained 85 points on light volume.  The advance/declines were barely negative.  The summation index continues to trend sideways.  Overbought, upward bias and no overhead resistance.  I keep repeating myself but the conditions have remained this way for weeks on end.  I still believe that we're in the midst of a blow off top that will eventually reverse and the decline should be swift.  But as to when this occurs is anyones guess.  Earnings season is upon us and that will probably be the market mover going forward.  GE was up 1/3 or so on heavy volume.  We'll get the earnings here on Friday.  Gold dropped $7 on the futures as the US dollar was a bit higher.  The XAU fell 1 1/8, while GDX lost 1/3.  Volume was average.  Mentally I'm feeling OK.  Option expiration week is here and we're already seeing the usual positive bias.  It appears that there's nothing that will derail this rally right now.  It has shook off whatever bad news that has come up and there are no sellers.  So we'll enjoy the ride for now.  We'll get the Feds beige book on Wednesday but otherwise it's a light week for data.  Asia was higher and Europe mixed overnight.  We'll keep an eye on tonights developments.

Just another day in the marketplace as the Dow rose 30 points on light volume.  The advance/declines were positive.  The summation index is trending sideways.  The data came in about as expected and the market drifted lower in the final couple of hours.  Option expiration week is coming up and I'll expect the positive bias to show up for stocks.  The VIX remains low and there appears to be nothing in the way of higher prices.  RUT has underperformed lately and that will be something to keep an eye on.  But unless we get something out of the blue, I'd still expect higher prices going forward.  GE was off a few cents with the volume getting back to normal.  Oversold here both short and medium term.  Gold rose almost $10 to finish back above $1300.  The US dollar was little changed at the close.  The XAU and GDX had slight fractional gains on very light volume.  Mentally I'm feeling OK.  There looks to be a short term negative divergence in the daily RSI indicator for the major stock averages.  Whether or not this leads to some near term weakness remains to be seen.  This market has consistently stayed short term overbought for weeks.  The indicators haven't worked as you would expect.  I still think this is the final speculative blow off before we see something more protracted to the downside.  But I've though that for a while.  I'm still on the sidelines for now.  The transfer of my trading account to a new broker is still having problems.  You would think that in this day and age something like that would be seamless.  But Charles Schwab can't even get streaming charts and quotes right.  In due time I suppose but I will be shopping around for another online broker.  Back to the market themselves and earnings season is upon us.  We'll have to see what kind of surprises turn up there.  Asia was higher and Europe mixed overnight.  I'll be checking the charts over the weekend as usual.  However with just a week left in the October option cycle, I do not anticipate any SPY trades right now.  It's Friday afternoon and time for a break.

A bit lower today as the Dow fell 31 points on light volume.  The advance/declines were slightly positive.  The summation index is heading sideways.  Not sure if this is the beginning of the long awaited drop but we'll see.  Not a lot of news today but the retail stocks along with the major banks took a hit.  We're still short term overbought on all the major stock indices with any metric that you choose.  October has a history of volatility and there is still plenty of time in the month for some excitement.  So we'll see.  I'll repeat that there is no overhead resistance for now.  GE was off a couple cents but the volume remains way above average.  I'm still considering the longer term calls here.  Gold added $7 on the futures and the US dollar was a bit higher.  The XAU and GDX were both little changed on light volume.  Mentally I'm feeling OK.  It's been an uneventful week so far for stocks.  We'll get retail sales and the CPI tomorrow.  The political headlines have been quiet along with the geo-political rhetoric.  The VIX remains below 10.  Unless we get hit with something out of the blue, you've got to keep looking for higher prices.  Not much else to report at the moment.  Asia was higher and Europe mixed last night.  We'll finish out the week tomorrow.   

Another day another new all time high as the Dow rose 42 points on light volume.  The advance/declines were positive.  The summation index is trending sideways.  Nothing new to report.  Just another day of overbought conditions with no sellers.  The Fed beige book was a yawn.  The RUT appears to be rolling over but it could also just be a pause before we move up there again as well.  The VIX remains below 10.  I don't have any trades in the works.  I'm on the sidelines for now after my last great idea to ladder up on the SPY October puts and we all know that didn't go as planned.  GE was off over 1/4 again and the volume was extremely heavy.  There's talk now of perhaps cutting the dividend.  That would be the final nail in the coffin for GE I think and the ideal time to perhaps try the longer term calls there.  Gold was flat on the futures as the US dollar was lower.  The XAU and GDX had slight fractional gains on light volume.  Mentally I'm feeling OK.  It's been a quiet October so far but that probably won't last for the whole month.  October can often times be quite volatile so we'll have to see what happens from here.  We are still in the condition of no overhead resistance so the sky remains the limit.  I am getting sell signal readings from numerous indicators that I keep track of but we haven't even seen a hint of a sell off.  At some point that will change but until then it's simply more of the same.  None of the sell signals for the SPY have worked lately and I'll be simply stepping aside until we see a more reasonable market.  Asia was generally higher and Europe mixed overnight.  We'll see what tomorrow brings.

Back to the upside today as the Dow added 69 points on light volume.  The advance/declines were shy of 2 to 1 positive.  The summation index is still moving sideways.  Still very overbought but I've been saying that for weeks now.  We'll just have to see how high we go before we drop.  No overhead resistance and nothing to say that a decline is imminent other than the extremely overbought conditions.  Perhaps we'll just run things up until the October expiration.  GE was down a few more cents on very heavy volume.  Eventually this stock will sell itself out but when is the question.  Gold rose $5 as the US dollar was lower.  The XAU and GDX were both fractionally lower on average volume.  Mentally I'm feeling OK.  So where do we go from here?  I don't have any trades in mind at the moment.  With the brokerage problems that I'm experiencing at the moment, that's probably a good thing.  My belief is that we're in a speculative upside blow off top that will not end well.  That's usually the case if my idea of the blow off is correct.  I don't know when it will end and exactly what will set things off.  But I do believe that it will happen.  Perhaps it will be the upcoming earnings that sets things off or maybe a geo-political event.  Or something completely out of the blue.  So let's enjoy the rally while it lasts.  Asia was higher and Europe generally lower overnight.  We'll see what tomorrow brings.  

We begin the week a bit lower on this semi-holiday as the Dow shed 12 points on very light volume.  The advance/declines were negative.  The summation index is beginning to move sideways.  The overall market was a bit weaker than the Dow.  We're still short term overbought for the major stock indices.  Inflation data and retail sales out this week along with the Feds beige book.  I'm not sure any of these will be real market movers but you never know.  I'm on the sidelines for now.  GE got pounded today on very heavy volume.  This stock lost almost a full point on extremely heavy volume.  Somebody resigned from the company and somebody else was placed on the board of directors.  Neither of these developments warrants the price action today.  I still like the longer term calls here but couldn't buy them if I wanted to.  More on that later.  Gold rose over $10 on the futures, while the US dollar was little changed.  The XAU and GDX had fractional gains on very light volume.  Mentally I'm feeling OK.  Why can't I purchase the GE longer term calls.  Well actually I could but not on the trading platform that I usually use.  My account at options express has moved over to Charles Schwab today and it's a disaster.  The real time quotes and charts at Schwab don't work.  The usual technical difficulties excuse on the first day of school.  Mind you they had months and weeks and days to get ready for this.  But they can't handle it and that is disconcerting for a trader such as myself.  The quotes and charts are basics to trading.  Options express had a very easy and clear way to look at things on a daily and intra-day basis.  I'm now stuck with Charles Schwab who obviously is in over their heads.  We'll see how it plays out.  The RUT looks like it rolled over today and if so we'll have to see what happens form here on out.  RUT led us up and perhaps it will now do the opposite.  All phases of the US markets will be back open tomorrow.  Europe and Asia were generally higher last night.  We'll keep an eye on the overnight action.