Another downside day but no volatility to speak of as the Dow fell 69 points on end of the month heavy volume.  The advance/declines were slightly negative.  The summation index is moving sideways.  And so has the market for the past couple of weeks.  My SPY March puts are still showing a slight profit but I get the feeling if I don't sell them soon, I'll be getting stopped out for a loss.  The market has the feel of a consolidation without a real decline before heading back to the upside.  That is what it seems like to me despite the constant short term overbought condition of the major averages.  GE was off 1/2 on good volume.  Gold was off a few bucks while the US dollar was a bit higher again.  The XAU and GDX had slight fractional losses on lighter volume.  Not completely oversold for the gold shares but we could get there next week.  Mentally I'm feeling a bit tired.  As I've already said the Bollinger bands on the VIX are converging and that means something big in the near future.  I'm thinking it may be a strong move higher through 2800 on good volume and the bulls would be off and running if that's the case.  But that's just a guess because things could go either way.  The problem with being short here is that we've had plenty of chances to sell off this week but it just hasn't happened.  Perhaps we'll just move sideways but that will suck out the time premium in my SPY options and leave me with another loss.  It still looks like yesterday morning was the time to get out of this trade barring some unforeseen drop in the next couple of sessions.  We've got the beginning of the month tomorrow and that could mean some money floes into equities.  We'll see.  Asia was lower and Europe mixed overnight.  We'll close out the week tomorrow.

The Dow fell 72 points today on good volume.  The advance/declines were slightly positive.  The overall market was stronger than the Dow.  The summation index is starting to move sideways but has not rolled over.  The Dow was off over 175 early but made up ground throughout the session.  Ditto for most of the major stock averages.  My SPY March puts had a decent profit in the morning but gave it all back.  In retrospect I should have sold these things today.  The price action today was bullish as the market sold off but then found buyers when it needed to.  The NASDAQ and RUT turned positive and that's a plus for the bulls.  The short term technical indicators are still overbought but we are getting sideways activity and not downside corrective movement.  GE gained almost another 1/4 and the volume was heavy.  Gold was off slightly today and the US dollar was a bit higher.  The XAU fell 1 1/2, while GDX dropped 1/3.  Volume was average.  Waiting for an oversold reading here and we're getting there.  Mentally I'm feeling OK.  The Bollinger bands on the VIX are getting close as they contract and that portrays a big move coming for the stock market.  Which way is the question and when?  There's still over 2 weeks left in the March option cycle but with todays price action my puts may not last.  We'll get GDP tomorrow and that should be a market mover one way or the other.  I get the feeling things are about to head higher here but I hope I'm wrong for the SPYs trade sake.  However hope is not a viable trading strategy.  I guess I'll wait and see how things go tomorrow and then decide what to do.  Asia was generally higher and Europe lower overnight.  We'll see what tomorrow brings.

A day of bouncing around but not really doing much.  The Dow fell 33 points on average volume.  The advance/declines were negative.  The summation index is still moving up.  The Fed testimony was basically a non event.  The continued overbought condition for stocks lives on.  My SPY March puts are still showing a slight profit but the market appears directionless at the moment.  We are hesitating at 2800 on the S&P but that doesn't mean that we have to move down.  I'm not sure how much longer I can hold on to this trade.  GE gained 1/4 on good volume.  Gold was flat but the US dollar was lower on the day.  The XAU and GDX had slight fractional losses on average volume.  They did finish well above the lows for the session.  Mentally I'm feeling a bit tired.  Plenty of time left on the March option cycle but I'll need to see a drop here shortly or this trade won't work.  Perhaps GDP on Thursday will get things going.  RUT has a negative daily candlestick pattern so perhaps maybe we'll finally get things going lower.  Not a lot to say about today s price action.  Early selling was met with buying.  We did drop again in the final half hour and that is bearish.  Asia was lower and Europe mixed overnight.  We'll see how it goes tomorrow.

The Dow begins the week with a gain of 60 points on good volume.  The advance/declines were just about even.  The summation index continues to move higher.  The US has extended the deadline to get a deal done with China.  This was expected but the market did rally over 200 points in the morning.  The rest of the day was spent digesting the news.  My SPY March puts were stopped out but last night I did place another open order at a higher strike price for the same trade.  It got filled before I was stopped out on the earlier trade.  So I took a 25% loss on the Friday roll up trade and now I have a better strike price and the trade is showing a small profit.  My concern here is that spike in the VIX today and the market moving higher.  That usually means that there are more gains ahead.  However we are still overbought on the short term, so this trade may actually have a chance to be successful.  We'll see.  GE climbed 2/3 on extremely heavy volume.  It was up almost a point more than that today on news of selling off one of its divisions.  There's plenty of overhead resistance for this stock at $12.  Gold was off a few bucks and the US dollar was slightly lower.  The XAU and GDX had fractional losses on average volume.  We are about to enter a seasonally weak period for gold that lasts around a month.  I'll be looking for an oversold condition in the gold shares to try the calls again there.  Mentally I'm feeling OK.  So for now we've got the US/China tariff tiff out of the way.  Next up is a couple of days of Fed chairman Powells testimony to congress.  I don't expect any surprises there.  There's also the Trump/Kim summit in the middle of the week.  Trumps old attorney is scheduled to testify before congress on Wednesday as well but that's been postponed before.  The first look at 4th quarter GDP is out on Thursday.  So there will be some economic news.  Right now I'm just day to day with the current trade.  The stop loss order is in.  The ideal scenario would be a drop tomorrow to roll over the technical indicators.  Wishful thinking there.  But both RUT and TRAN were lower today but not by much.  Europe and Asia were both higher overnight.  China roared a head on the tariff news and out performed all the other markets.  We'll keep an eye on the overnight developments.

Back to the upside to close out the week as the Dow gained 181 points on about average volume.  The advance/declines were over 2 to 1 positive.  The summation index is moving up.  The market rallied in the final hour and that's bullish.  I did place an open order overnight for the SPY March puts and it was filled in the morning.  The market continues to rally and even though I had a stop loss order in, I decided to try and move up to a better strike price if I could get filled for about the same price that I paid in the morning.  Right near the close I was able to purchase some SPY March puts at a closer to the money strike price and I did.  I then sold the morning position at the market for a loss of less than 20%.  My rational was if the trade does work the extra profit form the better strike price will more than make up for the small loss.  I now have a stop loss order in on the later trade and we'll see how it goes going forward.  Still overbought and staying that way but that won't last forever.  GE was up 1/8 on light volume.  The heavy volume that we saw for weeks on GE has dried up.  Gold was up $5 on the futures and the US dollar was basically unchanged.  The XAU and GDX had slight fractional moves higher on average volume.  Mentally I'm feeling OK.  So the next trade is on after an early in the day failed attempt.  Nothing says the market has to move down here and all attempts at the puts lately have failed.  We are less than 8 points away form 2800 on the S&P 500 and that was the level that I was looking for to get short.  So yes, I may be early and the market may just cut through 2800 and keep going higher.  The stop loss order is in so if I'm wrong here it won't hurt too much.  I'll keep an eye on the weekend headlines as I recheck the charts.  Asia was mixed and Europe higher overnight.  It's Friday afternoon and time for a break.

Finally a bit of selling today as the Dow fell 103 points on average volume.  The advance/declines were negative.  The summation index is still moving up.  No news to speak of but the economic data came in a little weak.  I did place an order for the SPY March puts but it didn't get filled so I canceled it.  We are still short term overbought even with todays decline.  I may decide to try this trade again tomorrow before the weekend.  I almost chased it here today but did not.  The deadline for an agreement between the US and China is approaching.  Any kind of news on this, one way or the other, will produce some kind of market reaction.  It is the big risk that one must endure here if a position is put on.  I still favor the puts because this rally has been practically straight up for so long.  But that doesn't mean it can't go further.  GE was off a few cents and the volume was light.  Gold fell over $20 on the futures.  The US dollar was slightly higher.  The XAU lost 1 1/8, while GDX shed 1/3.  Volume was good.  The gold shares held up pretty well despite the drop in the metal itself.  That's bullish.  I'm looking out to the GDX April calls as we move along here.  Mentally I'm feeling OK.  The market rallied in the final half hour and that's a plus for the bulls.  I not really sure if I should wait for the S&P to get to 2800 or simply buy the puts now.  I'll check the indicators again tonight.  Waiting on the sidelines is always an option as well.  I did expect weakness here and we got it.  The question is whether this is all we get or is it the start of a long awaited pause in the rally?  Answer that correctly and you can probably make yourself some money.  I'll check the charts and go from there.  Asia was higher and Europe mixed overnight.  We'll close out the trading week tomorrow. 

The Dow rose 63 points today on good volume.  The advance/declines were positive.  The summation index continues higher.  The Fed minutes came and went.  We're still overbought on the short term as we have been.  The McClellan oscillator gave a signal for a big move within the next two days yesterday.  We'll see if it happens tomorrow.  I did place an open order for the SPY March puts but canceled it late in the day.  I may try this idea again if we get some upside tomorrow morning.  There isn't much else to say as we plod through the holiday shortened week.  GE lost a few cents on light volume.  Gold was off a couple bucks after its nice rise yesterday.  The XAU and GDX had fractional gains on good volume but did finish off of their highs for the session.  Money is flowing into gold but I'll wait for a pullback or consolidation before trying the calls here again.  There's also a potential negative divergence on the daily RSI for GDX but that could fix itself with more near term upside.  Mentally I'm feeling OK.  Getting close to 2800 on the S&P 500 but certainly not there yet.  To me, that's the logical spot to try the March puts.  Overbought and staying that way, which is bullish.  But it has been that way for too long in my humble opinion.  Yes a headline from the US/China tariff talks could get things going either way in a hurry.  However I do feel the straight up nature of this advance is starting to wane and I'd like to be short when they head for the exits.  I could be wrong but I'm willing to take the risk here.  Perhaps tomorrow.  Europe and Asia were higher overnight.  We'll keep an eye on the headlines tonight. 

We came off of the highs today but the Dow managed to finish with a gain of 8 points on average volume.  The advance/declines were shy of 2 to 1 positive.  The overall market was stronger than the Dow but also came off of the highs for the session in the final hour.  I'm still considering the SPY March puts on strength tomorrow or Thursday.  We're still short term overbought and that hasn't changed for weeks.  It won't last forever.  I'd like to see the S&P get to 2800 before trying the puts but don't know if that is in the cards.  Trying to stay patient here because the strength of this rally cannot be denied.  GE gained a few cent and the volume was light.  Gold rallied today as the US dollar was lower.  The gold futures gained twenty bucks to start the week.  The XAU climbed 3 1/8, while GDX gained 3/4.  Volume was very heavy.  Money is finding its way into the gold shares.  We had a rise and then a flag formation on the gold shares.  Today proved that was a continuation pattern as the gold shares broke above the previous high.  I would not chase things here.  I'll wait for the next consolidation or drop before trying the April GDX calls perhaps.  Mentally I'm feeling OK.  Nothing has changed for stocks over the weekend.  The rally lives on and selling doesn't last for now.  We'll get some economic data this week, highlighted by the Fed beige book tomorrow.  Of course the market will still turn on any rumor coming out of the US/China tariff talks.  So we're still at the mercy of headline risk either way for now.  I'm inclined to try the SPY puts if for no other reason than the fact that the market is long overdue for some kind of drop since the beginning of the year.  It's now past mid-February.  I suppose I'll wait for the reaction to the Fed minutes and go from there.  Asia was mixed and Europe generally lower overnight.  We'll see how things go tomorrow.

Right back to the upside for option expiration as the Dow soared 443 points on average volume.  The advance/declines were better than 3 to 1 positive.  The summation index is moving higher.  It appears that all selling is met with buyers.  We're still short term overbought with no end in sight for that condition.  But we know that this can't go on forever.  Again, no real news to speak of just more US/China tariff rumors of no substance.  It doesn't matter.  There is money to be invested and it's going into stocks.  Yes I'm still considering the SPY March puts but at this rate it doesn't look like a good idea.  I'll go over my work this long weekend and take it from there.  GE was up a few cents on average volume.  Gold climbed $9 on the futures as the US dollar was bit lower again.  The XAU rose 1 1/8, while GDX added almost 1/3.  Volume was pretty light.  Mentally I'm feeling OK.  The VIX closed below 15 and has been oversold for weeks.  It simply implies more gains to come for stocks.  It is pretty amazing but at some point something has to give.  Knowing when that point is presents the challenge.  Will 2800 provide the stopping point for the S&P or are we just going to continue to move higher?  We are right at the 200 day moving averages for some of the stock indices and have broken through there on others.  The market is acting as though there's no end in sight for the rally.  I should probably wait for some type of negative divergence before trying the puts but sometimes there are none.  Plenty to think about this weekend.  I do think that it is too late for the calls now.  The run up into the February expiration wasn't a surprise.  Can we repeat the same thing in March?  Stay tuned.  Perhaps we are simply going to continue the run and make new all time highs.  I think when you start hearing that tossed around, then it will be a good time to try the SPY puts.  Just a guess as usual.  Asia was down to finish the week and Europe was higher.  A long weekend to try and come up with a plan for next week.  For now it's Friday afternoon and time for a break.

The Dow fell 103 points today on good volume.  The advance/declines were slightly positive.  The summation index is still moving up.  Weak retail sales was the supposed culprit for the drop but it wasn't a stock market rout by any means.  The overall market fared better, with the NASDAQ showing a gain.  The overbought condition of the market will not last forever and perhaps today is the start of a pause in the rally.  I'm still in favor of some SPY March puts at some point.  But for now they are highly priced with so much time premium left in the option prices.  Ideally if the market holds up here I'd like to try them next week.  GE was off 1/3 and the volume was good.  Gold finished little changed on the day and the US dollar was a bit lower.  The XAU and GDX had slight fractional gains on light volume.  Mentally I'm feeling OK.  Just a day to go before a holiday weekend in the US.  The VIX had a small spike at the open but came back after that.  Perhaps I'm waiting too long to get some SPY puts here but the prices once again are not to my liking.  If we can hold up here for a week, I'll look to purchase then.  I'm also keeping an eye on GDX for another call trade but I'd like to see it get back to 21.5 along with an oversold reading to try here again.  We are halfway through February and the seasonal pattern for gold is bearish in March.  So perhaps this is a trade for another time.  We'll see.  Asia was generally lower and Europe mixed last night.  We'll close out the week tomorrow.

The Dow added 117 points today on OK volume.  The advance/declines were almost 2 to 1 positive.  the summation index is still moving up.  No news to speak of but the positive expiration bias remains in effect.  We're still short term overbought any way that you look at it.  The overall market was weaker than the Dow.  I'm still looking at the SPY March puts but I'm not exactly in a hurry here.  That could change of course because we've been over extended for a while.  So we'll see.  GE was up over 1/3 and volume was good.  Gold was a bit lower as the US dollar resumed its climb.  The XAU and GDX had slight fractional losses on better volume.  Mentally I'm feeling OK.  It is really just kind of a waiting game here for me, trying to decide whether to own some SPY puts before the long holiday weekend or not.  I think that one thing we can be sure of is that the decline of last year is over.  We've surpassed the down trend lines and broken above the Fibonacci retracements.  Any decline would probably be short and shallow but that doesn't mean that you can't make some money there.  Just as getting the SPY February calls on Monday would have made money despite the market already being very overbought.  I'll go over things again tonight and take it from there.  Europe and Asia were higher in last nights trade.  We'll see what tomorrow brings. 

The market took off to the upside today as the Dow climbed 372 points on average volume.  The advance/declines were 3 to 1 positive.  The summation index is moving higher.  Looks like a deal to keep the US government open will happen.  I certainly missed the SPY February call trade that I was looking for by a day.  Perhaps if I was paying better attention yesterday I would have pulled the trigger on that trade.  But it was missed and it's on to the next idea.  Looks like I'll have to sit on the sidelines for now until the technical indicators line up.  I am looking at the SPY March puts now.  The market is overbought and has been for weeks.  This is a condition that will eventually reverse.  When is the question and by how much?  For now the positive expiration week bias should last the next couple of days.  GE was off a nickel and the volume is lighter than it's been  Gold finished flat on the day despite a drop in the US dollar.  The XAU had a fractional loss, while GDX was flat.  Volume was very light.  I did think about trying the GDX February calls today for a very short term trade since Barrick Gold will report earnings tomorrow.  But that seemed more like a bet than an actual trading idea so I held off.  Mentally I'm feeling OK.  Missing trades is part of the game but that doesn't make it any easier to swallow.  At least my ideas are trending in the right direction for a change.  Doesn't mean much if you can't capitalize though.  Now the hard part of waiting for the next set up is here.  Long holiday weekend coming up and I'm not exactly sure if I want to be short going into that.  Right now it looks like waiting until Wednesday or Thursday of next week to try the puts is the best scenario.  But will the market cooperate?  It rarely does.  Europe and Asia were higher overnight as money is finding its way back into stocks around the globe.  We'll keep an eye on the overnight developments.

A mixed bag today as the Dow fell 53 points on lighter volume.  The advance/declines were almost 2 to 1 positive.  The summation index is moving up.  Both the NASDAQ and the S&P were higher on the session.  I would still like to get some SPY February calls tomorrow on weakness but it doesn't look like the market will cooperate.  The futures are already up 14 points on the S&P as it appears that a deal will be struck to keep the US government open  Friday was the deadline for a deal there.  Perhaps I should simply buy some calls at the open but I do not think that this is something I want to chase.  I guess I'll have to come up with another idea.  GE was up almost 1/4 but the volume was lighter.  Gold dropped $7 on the futures as the US dollar continues to move higher.  The XAU was off almost a point, while GDX lost 1/4.  Volume was average.  The gold shares have held up rather well despite a rise in the dollar.  It's something to keep an eye on.  Mentally I'm feeling OK.  Still short term overbought for the major stock indices and that doesn't look like it's going to change.  Perhaps my next trade will be the SPY puts but I'll have to go out to March if that's the case.  Only 4 days left in the February option cycle and we're coming up on a holiday weekend as well.  It looks like I'll have to remain on the sidelines though.  We'll see what happens tomorrow.  Asia and Europe were higher on Monday.  It looks like markets around the globe are going to rally tonight as the futures are higher throughout.  It looks like the US shutdown deal has a wide reach.  We'll see how it goes tomorrow.

A sell off and a comeback today for most of the stock indices.  The Dow fell 63 points on average volume.  The advance/declines were slightly negative.  The summation index is still moving higher but again not as strong as it was.  The Dow was off almost 300 points in the morning but buying came in especially in the final half hour.  The Dow is hanging around its 200 day moving average.  The S&P 500 along with the NASDAQ managed to eek out small gains.  I'm not exactly bearish here as whatever decline we get here will be short lived and shallow in my view.  I still favor the SPY February calls on weakness early next week.  Tuesday would be my preferred day to purchase but it may already be too late.  I'll consider my choices over the weekend.  GE lost 1/4 on continues heavy volume.  Getting some selling here as you can't expect any stock to just keep going straight up.  Gold was up a few bucks on the futures as the US dollar was only slightly higher.  The XAU was up a point and GDX rose 1/3 on good volume.  The flag pattern here on the daily chart for GDX may still be intact with a potential run to 23 in the works before expiration.  That's a guess on my part.  Mentally I'm feeling OK.  I think that the game plan for next week is set and it's just a matter of time to see what happens.  My guess is that things will be positive for stocks with option expiration at the end of the week.  Barring some headline that changes things of course.  We are still short term overbought for stocks but that doesn't mean that we can't move higher next week.  We should see more economic data released along with what's left of earnings.  We'll also probably find out if the US government is going to close again.  A positive resolution there should move stocks higher.  So we'll see.  I certainly don't want to get confident about anything.  Europe and Asia were both lower to end the week.  It's Friday afternoon and time for a break.

Finally saw some downside today as the Dow fell 220 points on good volume.  The advance/declines were 2 to 1 negative.  The summation index is still moving up but not with the same gusto as before.  The market did finish well off of its lows for the session.  I don't think that this is the beginning of some huge downside move to retest the lows of December.  I did try to get some puts beforehand in the past few days but to no avail.  My next idea is to try the SPY February calls if things go according to plan.  I would not purchase them until the beginning of next week if we do simply move sideways here or trade a little lower.  The US/China tariffs reared their ugly head today and that was the excuse for the decline.  GE lost 3/8 on the now usual heavy volume.  Gold finished little changed but the US dollar continued its rise.  The XAU and GDX had fractional losses on light volume.  I think that I'll wait for gold to get oversold again before trying something there.  Mentally I'm feeling OK.  The VIX spiked today but finished well off of the worst levels.  The Dow was off about 390 at one point.  The fact that things didn't completely fall apart is a plus.  There's still plenty of money to go around it seems.  Now there could be another headline tonight and we could drop 500 points in a flash but I don't thank that is going to happen.  The internals of the summation index are very positive.  That usually means that any weakness that's seen won't amount to much.  We've got option expiration week coming and its usual positive bias.  If we can hang around for the next couple of days, I'll be looking at the SPY February calls on Tuesday.  I expect to see some strength in equities after that.  However we all know that the market rarely cooperates.  Japan was lower overnight but the rest of Asia that was open fared better.  Europe was lower led by the DAX.  We'll close out the week tomorrow.

Just a bit of weakness today as the Dow fell 21 points on light volume.  The advance/declines were negative.  The summation index continues to move up.  The overall market was weaker than the Dow but it feels more like a pause on the way to higher prices.  No real news to speak of.  We're still short term overbought for the S&P.  I did place an overnight order for some SPY February puts in case we got a rally today but we didn't.  I've canceled the order.  Not sure what my next move here will be.  I suppose I'll wait and see if we higher from here.  Perhaps then I'll try the puts again.  GE was off over 1/8 on the usual heavy volume.  Gold fell eight bucks on the futures as the US dollar continues higher.  The XAU lost about a point, while GDX shed 1/3.  Volume was light.  GDX is still in a flag formation after the recent run up.  That usually is a continuation pattern.  We'll see if it works this time around.  Mentally I'm feeling OK.  Just a sideways day today really with not much price movement.  Volatility has disappeared for now really.  The VIX is at fifteen and change.  I still believe that we've had a five wave upside pattern for the S&P and that we are nearing the end of the rise.  Combine that with the overbought condition on the short term for stocks and I do think that the SPY puts are in order.  Now I don't think that a dramatic decline is about to take place but I do think that the possibility to make some profit is there.  Again, the entry will be key and getting out rather quickly is probably the best route to take.  So if we do see some strength tomorrow I may give this idea another try.  What was open in Asia was higher last night and a mixed bag from Europe.  We'll keep an eye on the trading overnight. 

The beat goes on as the Dow gained 172 points on average volume.  The advance/declines were almost 2 to 1 positive.  The summation index continues higher.  No end in sight for this rally as the V bottom cannot be denied at this point.  I was stopped out of my latest SPY February put trade for another roughly 20% loss.  The same conditions persist, overbought and staying there.  That said I may try this trade again tomorrow against my better judgment.  We'll see.  The VIX has sunk below the 16.5 level and still no selling.  The SPY to me looks like it has completed a five wave up move from the lows in December.  Yet we see not even a hint of a decline.  This won't last forever.  But will it change in the near term if I attempt to trade the puts again?  GE was up 3/8 and the volume remains heavy.  Anybody who bought in the single digits will be pleased in the longer term.  Gold was flat on the session with the US dollar a bit higher.  The XAU and GDX had fractional gains on light volume.  These indexes appear ready to move higher after a small consolidation.  Mentally I'm feeling OK.  Overbought and drifting higher for the major stock indices led by the small caps.  That is bullish but it's not a freight train.  Getting long in the tooth here I believe.  But that doesn't mean things get run up into the February expiration like they did in January.  We've still got earnings coming out.  Trump speaks tonight with the state of the union.  Powell speaks tomorrow in some kind of town hall meeting.  So there are potential market moving events as the US/China tariff talks have moved to the back burner until the end of the month.  I'll check things out overnight and decide if I want to try the SPY February puts again tomorrow.  The longer this thing stay overbought the better chance the puts have of working if the entry can be timed properly.  No small feat there.  Japan was slightly lower as most Asian markets are on holiday.  Europe was mostly higher.  We'll see what tomorrow brings. 

Another day another gain as the Dow rose 175 points on lighter volume.  The advance/declines were 2 to 1 positive.  The summation index continues to move up.  The short term overbought condition persists and the market keeps climbing.  I think at this point it's safe to say that the V bottom is for real and there will be no retest.  That said, I did try the SPY February puts this morning.  When it appeared that this was obviously the wrong choice, I sold what I had purchased for a 20% loss.  As the market moved higher I went to a higher strike price for the puts and tried this idea again.  I'm holding on overnight with a slight loss at the moment.  The stop loss order has been placed.  If this does get stopped out tomorrow I guess I'll forget about getting short.  GOOG reports after the bell and that should drive things early tomorrow morning.  GE was up a couple cents and the volume remains heavy.  Gold fell five bucks on the futures as the US dollar was higher.  The XAU and GDX had very slight fractional losses on average volume.  Money continues to seek out the gold shares here.  Mentally I'm feeling a bit tired.  It seems like I'm still married to this idea that the market has to drop here.  Overbought for days now and we've broken through resistance but I still can't let go of the idea that things need to take a break on the upside.  We're just about at the 200 day moving average for the S&P.  But the small stocks have been acting well here and I seem to be ignoring that.  Perhaps I'm not really listening to the technical indicators as I should.  Maybe I'm just anxious for another winning trade since I just had one.  Whatever the case, I will head to the sidelines if the current SPY put trade gets stopped out tomorrow as it appears it will be barring some unforeseen development overnight.  Asia was higher and Europe mixed in last nights trade.  We'll keep an eye on the overnight developments.

A mixed bag to end the week as the Dow gained 64 points on good volume.  The advance/declines were positive.  The summation index continues higher.  The NASDAQ was lower on the session.  My SPY February puts were stopped out for a 30% loss.  I can live with that.  I still think that we're nearing some kind of top here but I could be wrong.  I placed another order for some SPY puts but then canceled it.  I decided to look things over again this weekend and go from there.  Overbought and staying that way for the major averages.  The jobs report was better than expected but the response on Wall street was muted.  We are at a logical spot for some resistance to take place.  However with only two weeks to go in the February option cycle the timing of any trade will have to be spot on.  I'll consider my options over the weekend.  GE was pretty much flat on the session but the volume remains heavy.  Gold was off a couple bucks and the US dollar was little changed.  The XAU and GDX had fractional losses on lighter volume.  Although overbought it feels like there's still some upside room left for the gold shares.  Perhaps running into the option expiration on the 15th.  That's a guess for sure.  Mentally I'm feeling a bit tired.  Another good week for the stock market as the rally from the end of December still has legs.  I think we're due for a rest but the market can stay overbought longer than you can remain solvent it's been said.  Looking back I regret not holding on to the GDX calls still.  But looking back is only good for study and not for regrets.  I do feel good about simply taking the loss on yesterdays trade even though I got in at the spot I thought was right.  Perhaps the V bottom is what we've seen and it certainly appears that way now.  We've also just broken through the declining tops line of the S&P with good volume.  That is certainly bullish.  So there will be plenty to think about over the weekend.  Asia was slightly lower and Europe higher overnight.  It's Friday afternoon and time for a break.