Wednesday, February 01, 2017
Another day of hanging around to begin the month as the Dow added 26 points on good volume. The advance/declines were negative. The NASDAQ continues to out perform and things remain bullish in my mind as long as that is the case. The summation index is trending lower but by no means does it look like a rout. I did place an order for the SPY February calls but it wasn't filled. I'll need to be in this trade before the close on Monday for it to work. The ideal scenario would be more of the same listless market lack of activity going into there. We'll see if the market cooperates. GE was off a penny on light volume. The potential double bottom is still in place. Gold was off a touch as the US dollar was a bit higher. The XAU and GDX ended the day little changed. Volume was around average. Mentally I'm tired and not feeling well. It's hard to trade under these conditions but luckily I already have an idea of what I want to do. The Fed came and went. The next event will be the employment report on Friday. I may leave in an open order for the SPY calls overnight as I need to rest in the morning. Europe and Asia were higher in last nights trading. We'll see how it goes tomorrow.