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Friday, January 27, 2017

Another mixed day to end the week as the Dow fell 7 points on light volume.  The advance/declines were negative.  The summation index is trending higher.  The NASDAQ was slightly higher today but there wasn't much conviction one way or the other for stocks.  GDP was slightly less than expected but the reaction was slight.  I'm still looking to get some SPY February calls and probably next week.  We do have the Fed next week and that may give me the opportunity for the next trade.  GE was off 1/3 and the volume was light.  Perhaps I'll consider a trade in the GE calls here as well.  I'll be taking a closer look over the weekend.  Gold was little changed on the close.  The US dollar was just a bit higher.  The XAU rose 1 1/3, while GDX added 1/3.  Volume was light.  Mentally I'm feeling OK.  We'll have plenty to trade off of next week as we have the Fed, plenty of economic data and round out the week with the employment report.  Throw in the end of the month with the beginning of February and the chance for a least a pick up in volatility is there.  The short term technical indicators for the major stock indices remain overbought.  At some point this will end but for now the market seems to just want to stay in that territory.  We did just have a solid break above the weeks long resistance so the trend is up.  We could get a snap back to the resistance zone and that would be the ideal spot to purchase the SPY February calls.  We'll see if the market cooperates.  Plenty of time in the February option cycle.  Asia was higher and Europe lower in general last night.  I'll be checking the charts as usual over the weekend.  For now it's Friday afternoon and time for a break.

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