Pageviews past week

Tuesday, September 12, 2017

We got some follow through today as the Dow gained 61 points on light volume.  The advance/declines were positive.  The summation index is heading up.  There doesn't appear to be anything in the way of higher prices.  No overhead resistance for the S&P and the small stocks are on the cusp of breaking out as well.  The Dow is just about ready to set a new all time high as well.  The positive expiration week bias is in effect.  I'm going to try and be patient on getting some SPY October puts.  I think that the beginning of next week would be the ideal time scenario.  GE was up almost 20 cents on good volume.  Is this the bottom for GE?  We've asked that numerous times in the past three months.  The gold futures and the US dollar finished flat on the session.  The XAU and GDX had slight fractional gains on light volume.  Mentally I'm feeling OK.  It looks like all systems are go for even higher prices going forward.  Unless we get a shock out of the blue, the path of least resistance is up.  The shorts have been squeezed and they might get that treatment again this week.  Inflation  data coming up and then retail sales on Friday.  The volume has been light in the past two sessions so I'm not deterred on my idea of the October puts.  I do however not want to be early on this trade.  I think we could get strength going into the end of the week so I'm holding off on doing anything until early next week.  I could be wrong but I do not see any imminent decline for stocks here.  Europe and Asia were higher overnight as well.  We'll keep an eye on the evening trading action.   

No comments: