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Thursday, August 24, 2017

Another day of hanging around as the Dow fell 28 points on light volume.  The advance/declines were barely positive.  The summation index is still trending down.  We opened higher and closed lower for a one day downside reversal.  I'm still waiting to purchase some SPY September puts but will wait until next week to see if the market cooperates.  My open order is in but we'll need to see a rise in order to get filled.  I am trying to remain patient.  GE lost a few cents and continues it s downward spiral.  Gold was off a couple bucks and the US dollar was little changed.  The XAU and GDX had slight fractional gains on light volume.  Mentally I'm feeling OK.  Light volume and not a lot of action would describe todays trading.  It's the end of summer and the market is behaving like it.  There's no sense in trying to create things here.  We'll just have to let the market meander for now until we get some direction.  The VIX has calmed down for now.  I'm looking at the beginning of next week to enter the SPY puts if we see some strength between now and then.  If not, I'll have to look for something else.  Europe and Asia were mixed overnight with no major activity.  We'll close out the week tomorrow. 

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