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Friday, April 12, 2019

To the upside for the Dow as it gained 269 points on average volume.  The advance/declines were almost 2 to 1 positive.  The summation index is moving forward.  The bank earnings were acceptable and today is the prelude for option expiration week.  The Dow was stronger than the overall market as DIS jumped 10%.  Volume picked up today from what its been and new all time highs for the S&P 500 could come as early as next week in my humble opinion.  Of course the SPY April calls would make money as we thought they would.  Perhaps I should have simply paid up for them yesterday.  At least the ideas are heading in the right direction.  GE was off 1/8 on average volume.  Gold was up a couple bucks on the futures as the US dollar was lower.  The XAU and GDX had slight fractional losses on very light volume.  I'm looking at the GDX May calls now and hoping GDX trades back below 22 again.  Mentally I'm feeling OK.  Overbought, staying there and we've seen this picture before.  I'm looking for some upside follow through on Monday and then we'll see what happens from there.  Short trading week ahead as Friday is a holiday.  I'm guessing most things for the week will be wrapped up by the close on Wednesday.  There's nothing that doesn't say we can simply plod higher through expiration week.  It now looks like my next trade will be in the gold shares.  But I'll have to look thing over this weekend to be sure.  Another trade missed this week but that seems to be the story so far this year.  Perhaps last years losses are still weighing on the decision making.  However the markets will keep moving and they certainly don't care.  Europe and Asia were higher as money around the world is finding a home in stocks.  It's Friday afternoon and time for a break.

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