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Wednesday, March 27, 2019

Weaker today as the Dow lost 32 points on light volume.  The advance/declines were slightly negative.  The summation index is trying to move sideways but continues lower.  The S&P 500 appears to be in a holding pattern following Fridays big drop but I'm still thinking that it will have a bullish resolution.  The overall market was a lot weaker than the Dow today and that is not a positive.  But the TRAN was positive and RUT finished well off of its lows.  No clear signal yet though as most of the short term technical indicators remain mid-range.  I'd like to have the guts to get some SPY April calls here but I probably don't.  Only two trading days left in this month.  GE was off 1/8 on light volume.  Gold was slightly lower while the US dollar was slightly higher.  The XAU fell 1 1/8, while GDX dropped 1/3.  Volume was light.  Maybe just waiting for GDX to get back down to the up trend line is the right move going forward.  Needless to say the trading never gets easier.  Mentally I'm feeling OK.  Waiting out this week is an option since there isn't really any rush to do anything without a clear signal.  So perhaps patience is the best course of action for now.  I've gone over the charts and I'm still not exactly certain what to do here.  I think that I'll wait to see how things go tomorrow and take it from there.  Europe and Asia were both lower with the exception of Hong Kong.  They're still trying to figure out Brexit.  We'll see what tomorrow brings.

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