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Monday, June 11, 2018

Barely higher today as we sold off in the final half hour.  The Dow gained 5 points on light volume.  The advance/declines were positive.  The summation index continues higher.  The overall market was a bit stronger than the Dow.  The McClellan oscillator gave another signal for a big move on Friday within the next two sessions.  We'll see if that comes to fruition tomorrow.  I am still considering the SPY June puts but today may have been the time to get them.  However with just 4 days left in the June option cycle I'm really not inclined to make another trade this month unless things line up just right.  That may or may not happen.  For now I'll simply sit back and wait for the Fed.  We've got the meeting of the US and North Korea early tomorrow.  Any news good or bad could move things in the short term.  GE was up a nickel and the volume was light.  Gold and the US dollar both finished the day little changed.  The XAU and GDX had fractional gains on light volume.  Mentally I'm feeling OK.  The Dow has had a nice run but not to new all time highs as the small cap indices.  We're short term overbought on the major stock indexes any way you look at it.  We've been overbought for a little over a week and it hasn't mattered.  There's plenty of news and data out this week.  Perhaps volatility will pick up.  With the trading losses that I took last week I'm a little gun shy at this point or I would have tried the SPY puts again today.  It's probably best for me to just sit back and stay on the sidelines.  Like I've already said, unless things really line up about perfectly, I'm not going to take another loss this week.  We'll see what happens.  Europe and Asia were both higher overnight.  All eyes and ears will be on the Singapore summit tomorrow morning.

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