Pageviews past week

Monday, July 24, 2017

A mixed bag to start the week as the Dow lost 66 points on light volume.  The advance/declines were negative.  The summation index is now grinding higher.  The overall market was stronger than the Dow with the NASDAQ leading the way.  That's a positive.  We've got the Fed on Wednesday but it could simply be a non event.  There are no changes expected there.  GDP on Friday should be more of a market mover.  Plus we've got a lot of earnings coming out this week.  But it is the last week of July, so slow trading would not be a surprise.  Still overbought on all the major stock indices any way you look at it.  GE continues to fall, off 1/2 on heavy volume.  So not everything is going up.  Gold was flat on the session as the US dollar was slightly higher.  The XAU lost 1 3/4, while GDX shed 1/3 on about average volume.  One day doesn't make a trend but the volume on the recent rise in the gold shares was weak.  ABX got clobbered today but I am still considering the longer term calls there.  Earnings are due after the bell on Wednesday.  I'll wait for that before considering putting in an order.  Mentally I'm feeling OK but with a vacation coming up, my mind is not in the proper place for trading.  I rarely travel and prefer to keep the normal day to day schedule with the markets.  Having to take off for a while throws things out of whack.  Like last year when I got stuck in the hospital, although that was more of a life and death scenario.  At any rate to be successful here you've got to pay attention.  That doesn't occur when you're traveling.  So I'm kind of in limbo for a few weeks when it comes to trading.  Now I can put on the longer term option gold share call trade, since it will go out to the autumn.  I may leave in an open order depending on how it goes after the earnings announcement.  Or I may simply pass altogether.  I still think the overall market is due for a rest but as usual the timing is the question.  Europe and Asia were mixed overnight.  We'll keep an eye on the overnight developments.

No comments: