Pageviews past week

Wednesday, July 24, 2019

A mixed bag today as the Dow fell 79 points on average volume.  The advance/declines were well over 2 to 1 positive.  The summation index is still trending sideways.  The overall market was stronger than the Dow with the S&P 500 and the NASDAQ hitting new all time highs.  Earnings are driving companies one way or the other.  We're getting back to short term overbought for the major stock indices but aren't completely there yet.  GE was up a few cents on lighter volume.  Gold was up a few bucks and the US dollar finished little changed.  The XAU added 1 3/4, while GDX rose almost 1/3.  Volume was light.  NEM reports tomorrow and that will most likely set the tone for the gold shares.  It really doesn't look like I'll get a chance to participate in this gold share rally.  Mentally I'm feeling OK.  How much higher will we go here is now the question in my mind.  No overhead resistance and a week to go before the Fed.  I'm keeping an eye on the SPY August puts but there's no hurry to put a trade on.  The SPY calls on Monday was the play it seems in retrospect.  So I'll sit on the sidelines until there's a valid signal or something else comes along.  Asia was higher and Europe mixed overnight.  We'll keep an eye on the earnings after the bell and see how it goes tomorrow.   

No comments: