Pageviews past week

Thursday, October 26, 2017

A mixed bag today as the Dow gained 71 points on good volume.  The advance/declines were slightly positive.  The summation index is heading lower.  The overall market was weaker than the Dow with the NASDAQ negative.  Where we go from here is important because it will give us a clue as to whether this is going to actually be a decline or simply some sideways digestion.  The short term technical indicators have rolled over for the major stock averages.  We'll get the first reading on 3rd quarter GDP tomorrow and it should be a market mover one way or the other.  I have no SPY trades in mind here and the brokerage change that I recently had to endure lives on.  Chucky baby Schwab is lame.  GE lost another 18 cents on heavy volume.  Will the selling ever stop here?  Gold lost $11 on the futures as the US dollar rose a full point.  The XAU dropped 1 1/2, while GDX shed 3/8.  Volume was good.  Gold should continue to fall here as the US dollar has just broken above resistance.  The daily dollar chart appears to have an inverse head and shoulders pattern on it.  The neckline was violated today.  Mentally I'm feeling a bit tired.  This could possibly be the first week in quite some time that the market doesn't have a gain.  If so, we'd now also have a bearish candlestick pattern possibly in place on the weekly charts as well.  Hasn't happened yet but it is something that bears watching.  I'm still considering the longer term GE calls but will wait for the dividend cut.  I'm not sure what I'll do there is there is no dividend cut.  The game is in a continual state of flux.  We'll see what the GDP number has to say and go from there.  Asia was mixed and Europe higher last night.  We'll close out the week of trading tomorrow.

No comments: