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Thursday, November 16, 2017

We got a bounce today as the Dow zoomed 187 points on lighter volume.  The advance/declines were 3 to 1 positive.  The summation index is still moving lower but may attempt to turn around here.  No real news to drive prices higher today so perhaps the move was a result of the short term oversold condition.  It's been kind of a strange week for price movement in my mind so we'll have to see what happens tomorrow.  The short term technical indicators have now turned up for the major indices, so we'll look for follow through tomorrow.  GE just hung around today but the volume was huge.  Apparently there are still plenty of sellers.  Gold and the US dollar both finished little changed.  The XAU and GDX had slight fractional moves lower on extremely light volume.  Again, no interest in the gold shares.  Mentally I'm feeling OK.  Some small stock indices recorded new intra-day highs today.  That tells me that most likely the sideways to lower price movement we've seen lately is coming to an end.  Unless we see a dramatic turnaround back down tomorrow, I'd look for higher equity prices going forward.  New all time highs for the Dow and the S&P should be forthcoming.  That's my best guess at the moment.  We'll get through the November option expiration tomorrow and then things should quiet down with a shortened holiday week on tap.  Europe and Asia were both higher overnight.  We'll finish up the week tomorrow.  

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