Wednesday, July 05, 2017
Kind of a mixed bag after the holiday as the Dow lost a point on light volume. The advance/declines were negative. The overall market was stronger than the Dow for a change, with the NASDAQ up 40 points. The summation index is still trending sideways and along with the overall market is trying to make up its mind on which way to go. I'm still leaning towards purchasing some SPY July puts. However I may wait until Fridays jobs report to decide what to do. It still appears as though you can make a case for either direction. GE lost a dime and the volume was light. Gold was up $3 on the futures and the US dollar finished the day little changed. The XAU had a fractional gain, while GDX lost a nickel. Volume was average. Not a lot of interest in gold despite another launch form North Korea. Mentally I'm feeling OK. Over two weeks to go in the July option cycle so there is time to get something done on the trading front. No clear signal here though and sometimes being patient is the toughest task to do. I would not expect much tomorrow ahead of Fridays employment report. The Fed minutes today did not spark any market action. Perhaps just waiting for Friday makes the most sense at this point. Europe and Asia were generally higher overnight. We'll see how it goes tomorrow.