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Tuesday, October 10, 2017

Back to the upside today as the Dow added 69 points on light volume.  The advance/declines were shy of 2 to 1 positive.  The summation index is still moving sideways.  Still very overbought but I've been saying that for weeks now.  We'll just have to see how high we go before we drop.  No overhead resistance and nothing to say that a decline is imminent other than the extremely overbought conditions.  Perhaps we'll just run things up until the October expiration.  GE was down a few more cents on very heavy volume.  Eventually this stock will sell itself out but when is the question.  Gold rose $5 as the US dollar was lower.  The XAU and GDX were both fractionally lower on average volume.  Mentally I'm feeling OK.  So where do we go from here?  I don't have any trades in mind at the moment.  With the brokerage problems that I'm experiencing at the moment, that's probably a good thing.  My belief is that we're in a speculative upside blow off top that will not end well.  That's usually the case if my idea of the blow off is correct.  I don't know when it will end and exactly what will set things off.  But I do believe that it will happen.  Perhaps it will be the upcoming earnings that sets things off or maybe a geo-political event.  Or something completely out of the blue.  So let's enjoy the rally while it lasts.  Asia was higher and Europe generally lower overnight.  We'll see what tomorrow brings.  

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