Pageviews past week

Friday, October 18, 2019

The Dow took a drop to finish the week as it lost 225 points on average volume.  The advance/declines were barely negative.  The overall market was not as weak as the Dow.  The summation index is still moving up.  The short term technical indicators for the major averages have started to roll over.  I'm still positive for the market going forward.  Todays big drop in the Dow was not reflective of the overall market.  The advance/declines show that.  Of course we'll keep an eye on things but I do not think that a big decline is coming here.  GE lost a few cents on average volume.  Gold dropped a little on the futures as the US dollar was lower once again.  The XAU and GDX had slight fractional gains on light volume.  We'll get some gold share earnings out next week and that will move things one way or the other.  Mentally I'm feeling OK.  The VIX still looks like it's trying to put in a short term bottom here.  If that is the case we could see some more near term weakness for stocks.  But I do think that we are going to make a run at new all time highs in the S&P sooner rather than later.  We got through the option expiration today.  We'll see if there are any breaking headlines over the weekend.  Rolling into the November option cycle on Monday.  Europe and Asia were generally lower to end the week.  I'll be checking the charts as usual this weekend.  For now it's Friday afternoon and time for a break.

No comments: