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Wednesday, December 06, 2017

Another mixed bag for the stock market as the Dow fell 39 points on light volume.  The advance/declines were negative.  The summation index has turned around here but hasn't begun to drop yet in earnest.  The NASDAQ was higher today and the S&P 500 little changed.  I believe we're at an important juncture here.  Perhaps the jobs report on Friday will clarify things.  We have negative divergences along with the same overbought conditions that we've seen all year.  Even though the month of December is considered a pretty positive one, I think we are finally going to drop here.  I could be wrong.  GE was off a dime on average volume.  Gold was basically flat on the day as the US dollar continued to move higher.  The XAU lost a point and GDX dropped 1/4 on better volume.  Mentally I'm feeling tired.  The RUT continues lower but it hasn't been the leader as usual lately.  The VIX dropped as well and actually could be turning back down here.  So perhaps my idea of an actual decline here is off.  I would expect tomorrow to simply be a wait and see session ahead of Friday.  I haven't done a trade in the SPY for a while.  I really need to be mentally prepared to trade that particular vehicle.  With the office move still not completely settled, there is no rush to attempt anything here.  Success in the game requires your best effort and I don't think that I can give it that at the moment.  Trading GE is a different animal.  It is a slow mover and does not require as much attention.  Asia was lower and that was generally the case for Europe as well.  We'll see what tomorrow brings. 

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