Pageviews past week

Tuesday, October 17, 2017

The Dow crossed 23000 for the first time today and closed just shy of that round number.  It gained 40 points on light volume.  The advance/declines were negative.  The summation index is still trending sideways.  Breadth is not confirming the rise here and the overall market has been weaker than the Dow for the past couple of sessions.  That hasn't meant anything for quite some time now.  Overbought and extremely so but we're in a practically straight up move for now.  When it ends is still a guessing game.  GE was off over 1/8 on heavy volume.  Gold dropped $15 on the futures.  The US dollar was a bit higher once again but not so much that a $15 drop in gold would occur.  The XAU and GDX had slight fractional losses on light volume.  Mentally I'm feeling OK.  The story continues with simply higher prices for the stock market, overbought conditions, no overhead resistance and no end in sight.  The positive option expiration week bias seems to be in effect as well.  The month of October generally sees some volatility and we haven't experienced that yet either.  There's not much else to report.  When the technical indicators don't work anymore, there is nothing more to do except wait until they do.  Normally we do not stay overbought for weeks on end.  I'll simply have to remain on the sidelines for now.  Asia was slightly higher and Europe slightly lower in last nights trade.  We'll see what tomorrow brings.

No comments: