Pageviews past week

Wednesday, June 21, 2017

The Dow fell 57 points today on average volume.  The advance/declines were shy of 2 to 1 negative.  The summation index is now heading down.  Unlike yesterday the small stocks did pretty well and were strong out performers.  The overall market was much stronger than the Dow.  I'm still in the camp of more downside here.  What I'd like to see is a light volume rally attempt back to the recent new all time highs.  That would be where Id look to try the SPY July puts.  We'll see how things play out going forward.  GE was off 1/3 on average volume.  I don't have any trades in the works here at the moment.  Gold was up three bucks on the futures as the US dollar was a bit lower.  The XAU was up 1 1/8, while GDX added 1/3.  Volume was light.  My order for the ABX October calls remains in place.  Mentally I'm feeling OK.  A couple days of decline here doesn't exactly make a trend but I do think that a change is coming.  I'll take my cues for now from the summation index and that has turned around.  However with the small stocks taking the lead today, perhaps my ideas here are wrong.  But volume has picked up a bit going lower and that is something to watch.  There really isn't much data to come out yet this week to make a difference.  So I'll be patient for now and hope my light volume set up happens in the next few sessions.  Europe and Asia were both lower again overnight.  We'll see what tomorrow brings.

No comments: