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Friday, November 29, 2019

A holiday shortened down session on the last trading day of November.  The Dow fell 112 points on very light volume.  The advance/declines were shy of 2 to 1 negative.  The summation index is back to sideways.  Negative US/China trade talk now and we are at the mercy of the headlines.  There is now a potential negative RSI divergence for the Dow on the daily chart.  It doesn't show up on the other major stock indices though.  GE was pretty much flat on very light volume.  Gold gained on the negative trade talk.  The futures rose $8.  The US dollar was slightly lower.  The XAU added 1 1/2, while GDX was up 3/8.  Volume was good considering the holiday atmosphere.  I canceled my GDX January call trade as I have missed it.  If we happen to drift back down towards the 26 level I'll consider putting it on again.  Mentally I'm not happy missing this GDX call trade.  My order came very close a couple times to being filled.  Perhaps I need to be a bit more flexible in my pricing.  But the game goes on and there's always another trade out there.  I'll be checking the charts as usual as we begin the month of December.  There's still plenty of time in the December option cycle to make something happen.  I am no doubt leaning towards the SPY puts here as we have been overbought for weeks on end and December can sometimes have a decline to set up the Santa Claus rally.  We'll see how things go this time around.  Europe and Asia were lower to end the month.  It's Friday afternoon and time for a rest.  

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