Tuesday, May 09, 2017
Another day of not much but there was a little volatility in the final hour. The Dow fell 36 points on good volume. The advance/declines were negative. The summation index is basically moving sideways. Another down day would change that. Nothing new to report. The short term technical indicators for the major stock averages remain overbought. I still favor the SPY May calls between now and expiration. If we drift lower in the next couple of days, I'll give that trade a shot. Until that happens it's just a wait and see attitude. GE was off 1/8 and the volume was light. Oversold here for GE. Gold fell $5 on the futures as the US dollar rose again. The XAU and GDX had very slight fractional losses on light volume. The gold shares haven't followed gold lower here in the past couple of days. Perhaps things will turn around soon. But that's a guess as usual. Mentally I'm feeling OK. The overall market was stronger than the Dow today and that's a plus. But the overall lack of movement in the major averages is not helping the trading. It's great if you're a writer of options but not if you are looking for gains on directional movement. I'm going to try not to press the issue here but I would still like to do a trade if the conditions set up properly. No guarantees that will happen. Asia was mixed and Europe higher in last nights trade. We'll see what tomorrow brings.