Friday, May 26, 2017
It was one of those pre-holiday market days as the Dow lost 2 points on light volume. The advance/declines were barely positive. The summation index is still moving up. The trading range was thin for the day with no real movement. It was as if the summer doldrums arrived early. There's a chance we could see this again on Tuesday but we'll wait and see. I canceled my open order for the SPY June puts and will reconsider this idea over the weekend. Although I am still committed to the trade for now. Short term overbought, staying that way and that is the hallmark of a bull move. GE lost a few cents on average volume. Gold rose $10 on the futures and the US dollar was up a bit as well. The XAU and GDX had slight fractional gains on light volume. Mentally I'm feeling OK. Off to a 3 day weekend for traders. We'll come back next week to close out the month and view the employment report. June isn't the most bullish month in the calendar but predicting a drop in this market seems impossible. That said, I do think that a some point next week trying the SPY June puts will be worth it. I could be wrong. I'll have an extra day to try and figure out if that strategy is viable. But first I think that taking a day or two off from the game isn't a bad idea. I will get around to checking the charts as usual in the next few days. For now it's Friday afternoon and time for a break.