Thursday, June 22, 2017
A bit lower today as the Dow fell 12 points on average volume. The advance/declines were positive. The summation index is still trending down. The market dropped from positive territory in the final half hour. It doesn't appear that there will be the light volume rally that we need to see in order to get some SPY July puts. I'll still have to remain patient for the time being. GE was off about 1/4 on good volume. Gold was up $5 on the futures as the US dollar was little changed. The XAU added 1 1/2, while GDX rose 1/4 on almost average volume. ABX rose 1/3 and is now right at a down trend line that began in April. Perhaps I've missed this opportunity as well. Mentally I'm feeling OK. A pretty quiet week so far for the major stock indices after the nice upside move that we saw on Monday. The lack of follow through after that rally seems noticeable to me and I really do think that we are getting ready to see some sustained downside for stocks. I could be wrong. I'll be keeping an eye on the summation index for clues. Not much else to report from todays price action. We do have the RUT rebalancing tomorrow. Europe and Asia were both mixed overnight. We'll close out the trading week tomorrow.