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Wednesday, June 07, 2017

More of just hanging around as the Dow rose 37 points on good volume.  The advance/declines were slightly negative.  The summation index is moving sideways.  The market is trying to figure out what to do here.  Still short term overbought for the major indices.  Ideally I'd like to see a light volume move higher from here to attempt the SPY June put trade.  But we are running out of time in the June option cycle, so the risk increases with each passing day.  We'll get the British election out of the way tomorrow along with some testimony regarding the Russia fiasco in Washington.  That may pave the way for stocks to go higher.  Or not.  GE was off 1/4 and the volume was good.  It appears that the double bottom on the GE daily chart may not work after todays price action.  Gold dropped $8 on the futures and the US dollar was a bit higher.  The XAU and GDX had fractional losses on average volume.  We'll need to see gold hang in here or move higher to have a valid break of the long term down trend line form 2012.  Mentally I'm feeling OK.  It's getting late to try a trade in the June option cycle but I'm hoping that the market will cooperate.  We should get some kind of movement tomorrow with the results of the election in England.  There's no economic data to move things.  My thought is that we just spent a couple of days to digest things after moving to a new all time high.  We now should resume the trend higher to new all time highs again.  That will be the opportunity to try the SPY puts at around the 2450 level on the S&P.  Any other scenario will probably mean that we'll have to wait for a better entry point for the next trade either way.  So we'll see what happens.  Asia was mixed and Europe lower overnight.  Tomorrow should be interesting.  

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