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Monday, July 10, 2017

A mixed market to begin the week as the Dow lost 5 points on light volume.  The advance/declines were barely positive.  The summation index is still moving lower.  The overall market was stronger than the Dow and the small stocks led the way.  That's a positive.  The S&P 500 still remains below a short term down trend line though.  I do have an open order to purchase some SPY July puts but it will take a small rally to get filled.  I may be too late as it is possible that today was the day to get short again.  However it is also possible that the consolidation is over and we're going to head to new all time highs again.  I am not in that camp.  GE was off eleven cents and the volume remains above average.  Not sure what is happening here.  Gold was up 3 bucks as the US dollar was little changed.  The XAU rose 2 3/8, while GDX gained 1/3.  Volume was average.  I'm not sure why there was interest in the gold shares today.  My open order for the ABX October calls was almost filled on Friday.  The premiums there have now risen as ABX added 1/2 today.  I'm leaving the order in.  Mentally I'm feeling OK.  Inflation data out this week along with retail sales.  We also will get the fed beige book and testimony from Janet Yellen on Wednesday.  So there is potential for some market movement.  I'm still looking for lower prices in the near term and will take my cues from the summation index.  However, if we get a sharp rally out of nowhere, I'll be canceling my order for the SPY July puts.  Europe and Asia we higher in overnight trade.  We'll keep an eye on tonights developments.

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