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Tuesday, November 26, 2019

The beat goes on as the Dow added 55 points on very heavy volume.  The advance/declines were slightly positive.  The summation index is back to moving sideways.  It is an overbought market that keeps grinding higher.  How long this lasts is anybody's guess but it's been going on for quite a while.  It is Thanksgiving week and that generally has a positive bias.  The volume today is a surprise but my guess is that all the serious trading for the week is now done.  Players are heading to wherever they're going for the weekend and trading should be thin Wednesday and Friday.  No real US/China trade news although the background noise here is now positive.  Of course that could change on a dime.  GE was off almost 1/4 and the volume was good.  Gold was up around $5 and the US dollar was slightly lower.  The gold shares found buyers as the XAU gained 1 7/8, while GDX added 5/8.  Volume was good.  My open order didn't get filled and it appears that I've missed this trade once again.  I did adjust my order again but I wasn't fast enough.  I'm not exactly sure if this is the time to chase things but I'll leave the order out there the rest of the week.  Once again the time was right today for the calls but I just wasn't good enough to pull it off.  My intra-day execution lacks conviction at the moment.  Mentally I'm feeling frustrated as I did have a chance to put the GDX trade on today but failed.  But you've got to move on.  The VIX is almost down to the lowest level of this year.  Only one way to go from there I think.  Perhaps I'll focus my attention on the SPY December puts.  However it is probably best to wait until next week to put a trade on since the market will clearly be in holiday mode for the remainder of this week.  So perhaps patience is in order for now.  Europe and Asia were generally higher.  We'll see how things go tomorrow.

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