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Thursday, September 07, 2017

Not much on the market front today as the Dow lost 22 points on light volume.  The advance/declines were barely positive.  The summation index is still moving higher.  Pretty much running in place today but we did see some buying near the close.  I think that I'll let tomorrow pass and then look to get the October SPY puts sometime next week if there is a legitimate signal.  Still short term overbought for most of the major indices.  We've got option expiration week coming up.  GE broke to fresh new lows and shed 7/8 on heavy volume.  I guess somebody at JP Morgan doesn't like the stock.  I'm still favoring the January calls here if I can buy them at the right time.  Gold found a bid as the US dollar dropped.  The precious metal futures rose almost $15.  The XAU was up almost two points, while GDX added over 1/2.  Volume was average.  Now there was a missed trade in the gold share calls that I truly regret.  However the markets don't care about what you missed or what you made.  You've just got to keep going on in this game.  Mentally I'm feeling a bit tired again, did not sleep enough.  I thought that retail sales would be out tomorrow but it's actually next Friday.  We are kind of in a data void for a few days until inflation numbers in the middle of next week.  I don't see anybody stepping up to the plate to do any major buying ahead of the weekend but I could be wrong.  I suppose I'd like to see a short squeeze to raise prices higher and give me a chance to buy the October puts.  But that is just wishful thinking.  We're still at the mercy of the next headline out of North Korea.  Or Washington.  For now I'll be patient and wait for the weekend.  Asia was mixed and Europe higher overnight.  We'll close out the week tomorrow. 

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