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Friday, November 22, 2019

The Dow bounced back 109 points today on lighter volume.  The advance/declines were positive.  The summation index is moving lower.  Tit for tat trade headlines today but no real progress one way or the other.  The short term technical indicators for the S&P are trying to turn back up here.  I'll be looking for a holiday grind higher next week barring an unforeseen surprise.  Perhaps if we see a higher high fro the S&P 500 with a lower RSI reading, I'll try the SPY December puts.  GE was up a couple cents and the volume was light.  Gold lost a couple bucks as the US dollar was higher.  The XAU and GDX had slight fractional losses on very light volume.  Mid-range on the indicators for GDX.  I'd like to see a roll over to the 26 level but the market rarely cooperates.  I may adjust down my open order for the GDX January calls over the weekend.  Mentally I'm feeling OK.  The indicators rolled back down in the VIX and that's a plus for the bulls.  The medium term indicators remain oversold but in rallies they can stay that way for weeks.  I am expecting holiday higher prices next week for stocks.  However remaining on the sidelines isn't a bad idea with Thursday off and a Friday shortened session.  I'll do the chart work over the weekend and take it from there.  Asia was higher with the exception of China.  Europe rose too.  It's Friday afternoon and time for a break.

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