Pageviews past week

Thursday, March 16, 2017

Some digestion of the gains made yesterday as the Dow lost 15 points on light volume.  The advance/declines were positive.  The summation index is still attempting to turn back up here.  Not a whole lot to report on todays market action.  We spent much of the day in negative territory.  We've got the expiration tomorrow to wrap up the week.  Not any surprises in the economic data or from the Fed so we are just moving along sideways here in the bigger picture.  I don't have any trades in mind at the moment.  I am leaning towards the bullish side though.  GE was pretty much flat and the volume was light.  Gold finished the session up over $5 on the futures as the US dollar continued its drop.  The XAU and GDX had fractional losses on average volume.  Mentally I'm feeling OK.  No rush at the moment for the next trade as we wind down expiration week.  Aprils option cycle has an extra week and that will be reflected in higher premiums.  My job here is to simply wait for the next decent signal and take it from there.  At the moment I'm leaning towards new all time highs for the Dow and the S&P in the near future.  We did work off the short term overbought condition in the indices but we never did reach fully oversold.  We did however each some very low levels in the McClellan oscillator but without the significant decline expected.  I'm not sure what that means but momentum lows were attained at least.  All we can do it continue to monitor the situation and be patient.  That's my best guess right now.  Both Europe and Asia were higher in last nights trade.  We'll close out expiration week tomorrow.

No comments: