Thursday, February 02, 2017
Another lackluster trading session as the Dow fell 6 points on average volume. The advance/declines were positive. The summation index is still trending lower. I once again tried to get the SPY February calls but my order wasn't filled despite adjusting it a couple of times. Perhaps I should have just tried a market order but you know what happens when you do that. I'm still a believer in this trade so we'll have to see what happens with the market reaction to the employment report tomorrow. The short term technical indicators for the S&P 500 remain at mid-range. GE was off a couple cents and the volume was really light. Gold rallied $10 on the futures as the US dollar finished little changed. The XAU was up 1 1/3, while GDX gained 1/2. Volume was light. Mentally I'm still not at 100% as I am getting over a cold. Perhaps that is why I could not think straight when trying to get my order for the SPY calls filled. With each passing day this is a trade that I want to do. The set up on one of my indicators is indicating a buy signal for the market. If we open lower tomorrow I may get the chance. If not it will most likely be too late for this idea. At this point the best thing for me to do is to get some rest and see what happens in the morning. Europe and Asia were generally lower last night. We'll finish out the trading week tomorrow as all eyes will be on the jobs numbers.