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Tuesday, November 07, 2017

The Dow keeps chugging along as we had selling throughout the session but finished with a gain of 8 points on pretty good volume.  The advance/declines were negative.  The summation index is still heading lower.  The overall market was a bit weaker than the Dow.  Overall conditions remain the same.  Overbought, staying that way and the rally continues on.  We're due for some kind of pullback here in my mind but it probably won't last too long at this rate.  The RUT was much weaker today and it is often times the leader of things to come so stay tuned.  GE was up a few cents and volume is getting back to normal.  Has the selling finally dried up here?  We'll find out once they cut the dividend.  Gold fell $5 on the futures as the US dollar was a bit higher.  The XAU and GDX had slight fractional losses on light volume.  Mentally I'm feeling OK.  So on the rally goes.  The summation index continues to head down yet the Dow continues to make new all time highs.  Something has to give here sooner or later.  Either the summation index will turn around or we'll finally get some weakness in the market.  We are pretty extended above the 50 day moving averages in some indices.  So I would expect prices to head back to there at the least.  We can only watch and wait at this point because I have no SPY trades in mind at the moment.  Asia was higher and Europe lower in last nights trade.  We'll keep an eye on tonights market action. 

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