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Friday, April 28, 2017

Some selling to close out the month of April as the Dow fell 40 points on average volume.  the advance/declines were negative.  The summation index is still moving up.  GDP was just a bit light of expectations.  We did open higher and close lower once again.  I don't think that we're running out of steam here, just moving sideways after the huge run up.  I did cancel my open order for the SPY May calls to get out before the weekend.  I'll be placing that trade again next week.  I still expect a break higher to new all time highs sooner rather than later.  GE was lower by a dime but the volume was pretty light.  Gold was up a few bucks and the US dollar was a bit lower but did come off of its lows for the session.  The XAU added 2 points, while GDX gained 3/8.  Volume was average.  Mentally I'm feeling OK.  Short term overbought for all the major stock indices with the exception of the TRAN.  RUT had a weak session but we'll have to see if that was just the end of the month squaring.  The small stocks continue to lead the way but perhaps they need a sideways rest as well.  May sometimes isn't the best month for stocks, so I'll have to tread carefully if I do attempt a trade for the SPY calls.  I'd prefer to see weakness in the beginning of the week and that would set me up for a long trade.  But as you know the market rarely cooperates.  I'm in a better mental state of mind now so perhaps I'll be able to make the proper decisions.  Plenty of work to do over the weekend to be ready for a fresh trading week.  For now it's Friday afternoon and time for a rest. 

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