Pageviews past week

Tuesday, June 05, 2018

Pretty much sideways today as the Dow fell 13 points on average volume.  The advance/declines were positive.  The summation index continues higher.  The overall market was stronger than the Dow with the small sticks still leading the way.  I adjusted my open order for the SPY June puts.  A run to 2760 on the S&P 500 should be enough to get the order filled.  Overbought and staying there for most of the major indices.  The VIX remains below 13.  GE was up almost a dime on average volume.  Gold was up a few bucks with the US dollar slightly lower.  The XAU and GDX were slightly higher on light volume.  Mentally I'm feeling OK.  The market has the feel of simply marking time here so far this week.  It's as if it is simply on hold until we get the Fed announcement in a week.  The summertime feel is already here.  The NASDAQ hit a new all time closing high today along with QQQ and NDX.  RUT as well.  With these indices leading the way it appears that higher prices are inevitable.  Then why try the index puts?  Well we are pretty far above the 50 day moving averages for the small stocks.  We also will not stay overbought forever.  Add in the bullishness that I'm hearing in the media and I think that at the right price the puts are worth a shot.  We'll see.  Europe and Asia finished mixed overnight.  We'll see what tomorrow brings.

No comments: