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Friday, October 13, 2017

Just another day in the marketplace as the Dow rose 30 points on light volume.  The advance/declines were positive.  The summation index is trending sideways.  The data came in about as expected and the market drifted lower in the final couple of hours.  Option expiration week is coming up and I'll expect the positive bias to show up for stocks.  The VIX remains low and there appears to be nothing in the way of higher prices.  RUT has underperformed lately and that will be something to keep an eye on.  But unless we get something out of the blue, I'd still expect higher prices going forward.  GE was off a few cents with the volume getting back to normal.  Oversold here both short and medium term.  Gold rose almost $10 to finish back above $1300.  The US dollar was little changed at the close.  The XAU and GDX had slight fractional gains on very light volume.  Mentally I'm feeling OK.  There looks to be a short term negative divergence in the daily RSI indicator for the major stock averages.  Whether or not this leads to some near term weakness remains to be seen.  This market has consistently stayed short term overbought for weeks.  The indicators haven't worked as you would expect.  I still think this is the final speculative blow off before we see something more protracted to the downside.  But I've though that for a while.  I'm still on the sidelines for now.  The transfer of my trading account to a new broker is still having problems.  You would think that in this day and age something like that would be seamless.  But Charles Schwab can't even get streaming charts and quotes right.  In due time I suppose but I will be shopping around for another online broker.  Back to the market themselves and earnings season is upon us.  We'll have to see what kind of surprises turn up there.  Asia was higher and Europe mixed overnight.  I'll be checking the charts over the weekend as usual.  However with just a week left in the October option cycle, I do not anticipate any SPY trades right now.  It's Friday afternoon and time for a break.

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