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Friday, August 09, 2019

Lower to close out the week as the Dow fell 90 points on lighter than lately volume.  The advance/declines were 2 to 1 negative.  The summation index continues lower.  The overall market was weaker than the Dow.  The day started much lower in the morning, the Dow then rallied back to positive territory only to fall in the final fifteen minutes.  The short term technical indicators have stalled and are trying to turn lower.  My SPY August puts went back and forth during the session.  They finished about where I bought them yesterday.  I'm holding them over the weekend but really need to get out on Monday, win or lose.  That's my thinking at the moment.  The risk of holding the options during expiration week is pretty high.  GE was off 1/3 and the volume was good.  Gold finished little changed as did the US dollar again.  The XAU fell 1 1/8, while GDX shed 3/8.  Volume was lighter than it's been.  Mentally I'm feeling OK.  No follow through upside to yesterdays positive session.  We'll find out next week if that means anything or not.  Perhaps we'll go back to test the recent bottom but that's not a guarantee.  The VIX remains above its 200 day moving average and I'm taking my cues from that and the declining summation index.  The S&P 500 was able to finish well off the morning lows and that's a plus for the bulls.  I think that we'll find out a lot more on Monday morning.  So we'll see.  I'll check the charts over the weekend as usual and be prepared for the open on Monday.  Asia was mixed and Europe lower overnight.  It's Friday afternoon and time for a break.

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