Pageviews past week

Thursday, February 09, 2017

Finally the breakout to the upside that we've been waiting for as the Dow rose 118 points on average volume.  The advance/declines were just shy of 2 to 1 positive.  This should turn the summation index back up.  I do think that we could see another day of upside but I had to simply sell my position in the SPY February calls today.  I did not want to take the risk of a down open in the morning and then lose some of the todays profit.  My exit wasn't great but the trade did manage a 55% gain.  We did come off of the highs for the session in the final hour.  I'm still overall positive on things here but we may have to see some downside first before moving higher again.  GE was up over 1/8 on light volume.  Gold lost $7 on the futures as the US dollar was stronger on the day.  The XAU lost 2 3/4, while GDX shed 2/3.  Volume was good.  The gold shares are due for a rest.  Mentally I'm feeling OK.  It was nice to see the work pay off today but I do think that perhaps I could have held on for another day.  We're still short term overbought on the technical indicators for the S&P 500.  I think that if we can get the RUT and NYA to break through resistance that this thing could have legs.  But it hasn't happened yet.  I expect some weakness in the coming days and I do not know if there will be another set up before expiration.  I am still of the thought that the market will be moving higher in the medium term.  Europe and Asia were higher overnight.  We'll close out the week tomorrow.

No comments: