Another mixed bag to finish off the month of June as the Dow gained 210 points on average volume. The advance/declines were positive. The summation index is still trending lower. The S&P 500 managed a new all time high but the NASDAQ finished the day in the red. Most of the major stock indices remain short term overbought. I did place an open order for some SPY July puts and I'm leaving the order out there. I'm not exactly convinced that this is the right idea because I could also make a case for an upside blow off here. So I'll reconsider this attempt tonight. GE was up over 1/3 on OK volume. Gold bounced $8 on the futures. The US dollar was higher and interest rates dropped. The XAU was up 1 1/2, while GDX gained 1/3. Volume was light. This could be a bottom for the gold shares as they've been oversold for 3 weeks. However I'm looking elsewhere for the next trade. Mentally I'm feeling OK. The VIX was lower today after attempting to move up. Still oversold and below 20 here. Plenty of complacency but that's not unusal for rallies. I'm expecting some inflows of liquidity tomorrow and then the wait for Friday. A holiday weekend is on tap so whatever needs to get done will get done in the next two days. I'll need to see some upside tomorrow for my put order to be filled but could change my mind overnight. I'm not expecting a major decline right now but some weakness to profit from. I could be wrong. If the market simply continues higher from here, I'll look at the puts again in the middle of next week. Europe was lower and Asia mixed overnight. We'll see how July starts out tomorrow.

It was the kind of day that you could easily forget as the Dow gained 9 points on light volume. The advance/declines were negative. The summation index is starting to roll back down. The McClellan oscillator signal didn't pan out again. The NASDAQ along with the S&P 500 eeked out new all time highs. We'll finish out the month of June tomorrow. I'm still looking at the SPY July puts ahead of Fridays employment report. But the lack of volatility doesn't help the options game. Unless you're writing them of course. Still short term overbought for the S&P. I might try the puts if we get any strength to close out the month. I'm expecting positive money flows for the beginning of July so Thursday isn't out of the question either. GE was up twenty cents on OK volume. Gold fell $16 as the US dollar was a bit higher. Interest rates were little changed at the close. The XAU and GDX had fractional losses on light volume. The gold shares held up better than gold but they were already blown out to the downside. Oversold and staying that way. Mentally I'm feeling OK. The VIX was slightly higher today and remains short term oversold. To me it looks like the VIX is putting in a bottom but it remains well below the 20 level. Or perhaps I'm just hoping it's a bottom because I'd like to try the SPY puts and see some increased volatility. The VIX can move sideways for a while as well and that might be what's taking place. At any rate, the S&P is at the top of the Bollinger bands, short term overbought and in the midst of a light volume rally. I'm pretty sure that I'd like to try the SPY July puts ahead of the jobs numbers and the long holiday weekend. Asia lower, Europe higher in last nights trade. We'll see what the end of June brings tomorrow.

A mixed bag to begin the week as the Dow fell 151 points on average volume. The advance/declines were negative. The summation index is moving sideways. The NASDAQ was strong today and it set a new all time high as did the S&P 500. These two indices remain short term overbought. We did get another signal from the McClellan oscillator on Friday for a big move within the next two trading sessions. We'll see if that bears fruit tomorrow. It appears as though we are seeing a lot of the end of the quarter, first half positioning taking place. I'm still considering the SPY July puts but waiting on Wednesday at this point. GE was off 1/4 on average volume. Gold finished little changed on the futures as was the US dollar. Interest rates dropped. The XAU fell 1 1/2, while GDX shed 3/8. Volume was light. The gold shares are underperforming and that's bearish for this sector. No GDX trades in mind for now. Short term oversold and staying that was for the gold shares. Mentally I'm feeling OK. The VIX was up slightly today and remains oversold be not decidedly so. I'm inclined to give the market a couple more days before trying the SPY July puts ahead of the jobs report. The market rarely cooperates though. TRAN and Russell 2000 down today as we're getting mixed signals about what is going to occur. It is hard to be too bearish with both the NASDAQ and the S&P 500 at new all time highs. We could also slip back into summer doldrums mode which would not be a help to either side of the options game. Asia was mixed with Europe lower overnight. We'll keep an eye on the overnight headlines.

Last weeks decline is now a distant memory as the Dow climbed 237 points on what appears to be incredibly heavy volume. The advance/declines were positive. The summation index is still trying to turn back up. The Dow was the leader today, with the NASDAQ posting a small decline. The S&P 500 set a new all time high. It remains short term overbought but that doesn't mean that we won't go higher. There still seems to be plenty of liquidity to go around. A rise in interest rates today was ignored by stocks. It's summer rally mode for now. GE was flat on the session and volume was very light. Gold was up around $5 on the futures. Interest rates ended the day higher and the US dollar finished little changed. The XAU lost 1 1/4, while GDX shed 1/8. Volume remains light. Thre's no positive interest in gold or the gold shares at the moment. Mentally I'm feeling OK. The VIX was lower today and remains short term oversold. We've had a light volume rally for stocks this week until today and the breadth hasn't been anything to write home about. Volume almsot doubled after the bell, so something was going on there. The weekly candlestick chart for the S&P 500 looks bullish and there is no overhead resistance. I'm still considering the SPY July puts but not exactly sure when to pull the trigger on that idea. The money flows into stocks should continue next week with the beginning of the month of July. We'll get the employment report on Friday but it's ahead of a long holiday weekend. There's also the possibility in my mind that the summer rally will continue into the July option expiration. So there will be plenty to think about along with going over the charts this weekend. Europe and Asia were higher overnight. It's Friday afternoon and time for a break.

The Dow climbed 322 points today on light volume. The advance/declines were better than 2 to 1 positive. The summation index is trying to turn back up. The volume remains light but perhaps that is just a byproduct of the summer. New all time highs for the NASDAQ and the S&P 500. No overhead resistance. Overbought, staying that way and touching the top of the Bollinger bands. Yes I'm still considering the SPY July puts but will wait until next week at this rate. We could just be in the midst of the typical summer rally that will take us to the July option expiration. GE was up twenty cents and the volume remains light. Gold was off another five bucks on the August futures. The US dollar and interest rates finished little changed. The XAU and GDX had slight fractional gains on light volume. GDX remains short term overbought here but I don't see any interest in owning the gold shares at the moment. Mentally I'm feeling OK. The VIX once again penetrated its lower Bollinger band and set a new intra-day low. Short term oversold and the daily candlestick chart looks like it is trying to put in a short term bottom. That would mean an increase in volatility would show up and that would warrant purchasing the SPY July puts. However I must point out that the weekly candlestick charts for the most of the major stock averages look positive with bullish engulfing patterns going into tomorrow. Plus if the summation index does indeed turn back up it bodes well for the bulls going forward. I'm still on the sidelines for now. Europe and Asia were higher overnight. We'll close out the trading week tomorrow.

Some late selling sent stocks lower and the Dow fell 71 points on pretty light volume. The advance/declines were slightly positive again. The summation index is still trending lower. The NASDAQ finished higher again to record another new all time high. I'm looking at the July SPY puts for now as I'm inclined to follow the summation index cues. I'd prefer to purchase them at the beginning of next week but the market may not cooperate. The light volume on the way back up here isn't convincing me that this rally has a lot of legs. GE was off a few cents and the volume remains light. Gold was off around $5 on the futures. The US dollar was slightly higher and interest rates ticked up. The XAU and GDX had fractional losses lower and one day downside reversals. I'm not considering the GDX calls right now even though we are short term oversold. That idea didn't work last week and it seems as though GDX will remain oversold for now which usually isn't the case. Mentally I'm feeling OK. The VIX was lower again today and made it all the way down to the lower Bollinger band before bouncing back. The short term indicators are getting oversold. If the VIX can hang around lower for a couple of more sessions perhaps my SPY put idea could work. However another issue that we have here for the markets is that summer is upon us. Sometimes things can really slow down and the market goes on vacation. Perhaps that's the reason for the light volume that we've seen this week. There is also still plenty of time in the July option cycle and the premiums are high. I'm watching and waiting for now. Asia was mixed and Europe lower in last nights trade. We'll keep an eye on the overnight news.

Continuing higher as the Dow gained 68 points on light volume. The advance/declines were slightly positive. The summation index is still trending lower. Overall the broader market was stronger than the Dow. The Fed chairman was a non-event. The NASDAQ closed at a new all time high. The S&P 500 could do the same with more upside tomorrow. Last weeks decline already seems to be a thing in the past but we'll wait to see the rest of teh week first before coming to any conclusions. GE was off over 1/8 on very light volume. Gold was off half a dozen on the futures. Interest rates were stable while the US dollar had a small loss. The XAU and GDX had slight fractional losses on light volume. The gold shares remain short term oversold. Mentally I'm feeling OK. The VIX continued lower and still implies more gains for stocks to come. Perhaps what we're seeing is the beginning of the summer rally for equities. The only caveat is the light volume as we do not trust light volume rallies. I think that we will have to see how the rest of the week plays out and take it from there. I have no trades in mind at the moment. Europe and Asia were higher overnight. We'll see what tomorrow brings.

The Dow roared back to the upside today, climbing 586 points on light volume. The advance/declines were around 3 to 1 positive. The summation index is still tracking lower. Extremely oversold was the case for the Dow and some kind of upside has been expected, it just took a while to show up. The question now though is it for real? Sometimes the Monday after expiration Friday is the opposite of the price action on Friday just to get things back in place. The rest of the week will tell us what is really going on. The Dow was the outperformer today and with the relative strength of the NASDAQ perhaps the decline has ended. We will wait and see though. GE was up 3/8 on lighter volume. Gold finally bounced today as well, the futures rose $14. The US dollar was a bit weaker and interest rates rose slightly. The XAU was up 2 1/3, while GDX added 2/3. Volume was average. Still short term oversold for GDX on its daily chart. Gold itself is still holding above the $1750 level. I do however get the feeling that gold may be dead money to the upside for a while. The medium term indicators for gold and the gold shares have not reached an oversold level yet. Mentally I'm feeling OK. The VIX had a big move lower and the short term indicators have now rolled back over. This does imply that we are perhaps at the beginning of some kind of rally here for stocks. I will wait and see though because it seems the fundamental picture is changing with regards to the easy money policies that have been in place for over a year now. The market was short term oversold and today we saw a much needed bounce. Where we go from here will answer a lot of questions. For all I know we may just break out to new all time highs in the near term. But I'm willing to wait and see what happens this week for now. After all I'm in no rush to do anything after last weeks losing trades. Asia was lower and Europe higher overnight. We've got the Fed chairman speaking to Congress tomorrow. We'll see if that turns out to be a market mover.

It was a negative end to the week as the Dow was driven down 533 points on expiration heavy volume. The advance/declines were better than 3 to 1 negative. The summation index is moving lower and we'll take our cues from that. Very oversold for the Dow and we haven't seen anything that resembles a bounce. I thought by now we would have seen something to the upside but the technical indicators just aren't working as usual. That's a sign of trouble despite the NASDAQ holding up rather well here. The S&P 500 just closed below its 50 day moving average. We're short term oversold here for the S&P but that may not mean anything. I think that the market is going through a fundamental change that the easy money faucet is starting to be turned off. However that is just a guess on my part as my trading lately has been miserable. GE was off another 1/4 on better than average volume. Gold was off five bucks on the futures as the US dollar continues its climb. Interest rates were lower. Gold is at a two year up trend line that if it breaks will mean much lower gold prices going forward. It looks ready to break it. A close below $1750 would seal the deal in my mind. The XAU lost almost 3 1/2, while GDX dropped over 3/4. Volume remains above average. The gold shares are underperforming and that's not a positive going forward. Here again we should have seen at least a bounce but only get more selling. My stop limit loss order got down to my price but nothing happened. This has occurred to me before. I canceled that order and simply got out at the market. It was a 50% loss and that was one ill timed trade that should not have been entered. Once again the technicals are not acting as they usually do. Mentally I'm reeling from two losing trades this week. Gold is probably dead on the long side for a while and I was slow to accept that. I also think that the overall market is rolling over here but the NASDAQ continues to hold on. That's generally bullish but nothing is working for me at the moment. The VIX bumped up above its 50 day moving average and closed above the 20 level. That's a warning going forward and I certainly did not expect that. Also bonds caught a bid today that is the exact oppositie of what should normally happen when the easy money is being taken away. It looks like a flight to safety play along with the US dollar but gold is not participating. The only thing that I can say for sure is that things are changing in the game. Plenty of work to do on the charts this weekend, however I am most likely heading to the sidelines until I get a handle on things. Both Europe and Asia were lower to close the week. It's Friday afternoon and time for a break.

The Dow continues to fall here as it dropped 210 points on heavy volume. The advance/declines were around 2 to 1 negative. The summation index is now turning down. The Dow continues to underperform as the NASDAQ was up over 100 points today. For that reason I don't see the market about to fall into a major decline here. The summation index is now turning down but we haven't seen any downside gaps there yet. Both the Dow and the TRAN are oversold as well. The S&P 500 was off slightly. The Bollinger bands here have contracted to the point that we're about to see a big move in this index soon. As always, which way is the question. We'll know more as time goes on. Perhaps I was wrong about the impending summer doldrums. GE was off 3/8 and the volume was good. Gold got clobbered again as the futures dropped $38. The US dollar had a very strong day, while interest rates went lower. The XAU lost almost 9 points and GDX shed 1 7/8. Volume exploded to the downside. The gold shares had a gap lower at the open and never looked back. After looking over the charts again last night I decided to place an order for the GDX July calls. The gold shares are very oversold and at least due for a bounce or so I thought. The price I put in was so low I did not expect it to be filled. It was hit early this morning and the trade is a loser after todays price action. The stop loss order is in and will probably be filled tomorrow. There's plenty of time for this trade but I do not see an extended rally for gold or the gold shares in the near future. Not a lot of money in this idea thankfully but in hindsight I should have stuck with the original idea of heading to the sidelines. Mentally I'm feeling OK. The VIX was lower today after bouncing around. The short term indicators are beginning to roll over which would imply higher stock prices going forward. I still think that we'll see some kind of bump up in prices either tomorrow or Monday according to some of the indicators that I'm looking at. We do have a very mixed market at the moment and I'm not exactly sure what that means going forward. Asia was generally lower and Europe barely higher overnight. We'll see how the option expiration goes tomorrow.

Fed angst would be the best way to describe todays market action as the Dow lost 265 points on good volume. The advance/declines were negative. The summation index is starting to move sideways. We got a sharp sell off on the Fed announcement that actually really didn't say anything we didn't already know. Such is the emotional nature of the game sometimes. The Dow was the weakest component of the major averages. The overall market did finish up from the worst levels on the session. I don't think that we're in for a major decline just yet but I could be wrong. The short term indicators for the S&P 500 have rolled over. Up trend lines do remain intact here and the S&P is still above the 50 day moving average. We'll see if we get any follow through to the downside tomorrow. GE was off a dime and volume picked up. Gold got slammed and broke through support at $1850. The August futures contract lost thirty bucks. Interest rates rose and the US dollar had a good day to the upside. The XAU lost 2 1/2, while GDX dropped over 3/4. Volume picked up to the downside. I sold my GDX June calls for a 95% loss. Another mismanaged trade without a stop loss order. I entered when GDX got oversold on a daily basis but unfortunately for me it simply remained that way. I'm tempted to go ahead and try the July calls there but will most likely head to the sidelines to regroup. Mentally I'm feeling OK. The VIX was higher and closed at its 50 day moving average. The short term indicators are now mid-range here. I do not think that the VIX is implying a huge downturn at the moment. It remains below the 20 level and that is bullish going forward if things remain that way. Only a couple of days left for the June option cycle. The Dow is pretty short term oversold right now and I would expect to see some upside in the next few days. Things have been pretty uneventful until today and it's possible that the summer doldrums will be in full gear after this week. Europe was higher and Asia lower in last nights trade. We'll see what tomorrow brings.

The economic data came in mixed and the Dow fell 94 points on average volume. The advance/declines were slightly negative. The summation index is still moving up. Inflation was a bit higher and retail sales a bit lower for todays reports. We'll see how the market reacts to whatever the Fed has to say tomorrow. The NASDAQ led the way lower today. The S&P 500 remains short term overbought. I'm not sure exactly what to expect on Wednesday. Probably just hanging around until the Fed statement and the chairmans speech. GE was up a few cents and the volume remains light. Gold dropped $7 on the futures. Interest rates and the US dollar ended the day little changed. The XAU fell 2 1/3, while GDX shed 3/8. Volume was light. The gold shares fared worse than gold today. The up trend line for GDX that has been in effect since April has been broken. My GDX June calls are big losers, probably over 90% when I close the trade out in the next couple of sessions. Even a big jump for gold tomorrow can't save this trade. Mentally I'm feeling OK. The VIX was up a bit again today and the short term technical indicators have turned higher. That doesn't mean that we'll see a big drop in the stock market tomorrow but it's possible. My thining is that for now the trend still remains up as the VIX is well below both its 50 day moving average and the important level of 20. As I sit here stuck in a losing trade, looking back it appears that this idea never got its footing from the beginning. There were a couple of times it could have eeked out a small profit but it never took off in the right direction as desired. Not having the stop loss order in added to final loss total. Hopefully the negative result here won't affect the next trade going forward. Asia mixed and Europe lower overnight. We'll see what the Fed has to say tomorrow.

A mixed bag to begin option expiration week as the Dow fell 85 points on average volume. The advance/declines were negative. The summation index continues higher. The overall market was much stronger than the Dow, with the NASDAQ leading the way. A last half hour push surged the S&P 500 to a new all time closing high. Continuing with the short term overbought technical condition for the S&P. We'll get economic data out tomorrow including an inflation report. Wednesday we'll hear from the Fed. So there are potential market moving events waiting in the wings. GE was off twenty cents on light volume. Gold continues to sell off as the futures dropped a dozen but they did finish up from the lows of the session. Interst rates were higher and the dollar ended little changed. The XAU fell a point, while GDX lost 1/4. Volume was light. The gold shares continue to outperfrom the metal itself and that's a plus going forward. But I don't think that it will help my GDX June calls with only four days to go. They are solid losers and unless there is a dramaic turnaround from the Fed announcement they'll end up losing 90% or more. The positive technical picture of the 50 day passing through the 200 day moving average just isn't panning out as expected. After getting burned with the stop loss order on my last trade, I didn't use one for this idea. Mentally I'm feeling OK. The VIX was higher today and the short term indicators are trying to turn back up. Still comfortably below the 50 day moving average on the VIX. For now we'll wait and see how the market reacts to tomorrows data. Europe and Asia finished generally higher although some of the Asian markets for closed for holiday. We'll keep an eye on the overnight developments.

We closed out the week on a whimper as the Dow rose 13 points on light volume. The advance/declines were positive. The summation index is still moving up. Listless trading throughout the day as summertime has come early to Wall street. A buying push in the final half hour led to the gains. The overall market continues to perform better than the Dow and that's a plus if you're long. Another new all time high for the S&P 500 and there is no overhead resistance. We do remain short term overbought for the S&P and the light volume isn't exactly encouraging. Option expiration week alnog with the Fed on tap for next week. GE was up a few cents and the volume was light. Gold did not follow through yesterdays gains and the futures dropped over twenty bucks. The US dollar had a good session but interest rates remained unchanged. The XAU fell 2 2/3, while GDX lost 2/3. Volume was light. My GDX June calls moved back to solid losers. I probably should have just taken the loss today. GDX is back to the up trend line that began in the beginning of April. If that line holds the trade has a chance to get back to break even. If not it's a loser. The short term indicators here have rolled back over and that's not a good sign. With only five days left in the June option cycle, time is running out. Not sure if I can wait on the Fed until Wednesday but may have to. Mentally I'm feeling OK. The VIX was lower yet again today and remains below its 50 day moving average. The lack of volatility has led to what looks like 2 1/2 months of sideways activity for the S&P. We're hitting new all time highs here but it isn't exactly a huge breakout. I'm not sure how much longer that will go on. The market seems to be in slow motion. Plenty of things to think about while going over the charts this weekend. Asia was mixed and Europe higher to finish the overseas trading week. It's Friday afternoon and time for a break.

Once again it's not the data that comes out but the markets reaction to it. Inflation came in higher than expected but it eventually got shrugged off. The Dow managed a 19 point gain on average volume. The advance/declines were slightly positive. The overall market was much stronger than the Dow with the NASDAQ leading the way. The S&P 500 closed at a new all time high and remains short term overbought. I'm guessing that we'll work our way upwards in the near term but I don't expect any kind of rip roaring rally. We did have some volatility today but in the end the bulls won out. After tomorrow option expiration week will be on tap along with the Fed. GE was off a dime and the volume was light. Gold was up ten bucks on the August contract as interest rates went lower despite an uptick in inflation. The US dollar finished little changed. The XAU rose almost 4 points, while GDX gained almost a buck. Volume was close to average. The short term indicators for GDX are starting to turn back up. My GDX June calls have somehow turned around to a small profit again. With only six days to go in the June option cycle, the risk increases every day. However I do expect at least a little more upside due to the positive crossing of the moving averages. Plus the gold shares finally moved up with gold and that's a positive for the gold share bulls. Of course things could quickly change tomorrow in this game. Mentally I'm feeling OK. The VIX was lower today after almost making it up to the 50 day moving average. Remaining short term oversold but the VIX can stay that way during rallies as it has in the past. What was pointing up here yesterday on the technicals is now pointing back down. However the TRAN continued lower today and I'm not exactly sure what to make of that. So we are getting some crosscurrents here. Asia was higher and Europe lower last night. We'll see how the week closes out tomorrow.

Hanging around today for the most part until the final hour which saw a sell off. The Dow lost 152 points on good volume. The advance/declines were slightly negative. The summation index is still moving up. The overall market continues to fare better than the Dow and that gives the bulls some hope. Tomorrows inflation data will be the catalyst one way or the other unless this sideways malaise continues. The McClellan oscillator signal never panned out. The S&P 500 remains short term overbought but I still think that we are about to break out to a new all time high. If I'm wrong and what we have here is a double top, there's a long way down to go. The TRAN is moving lower now and is at its 50 day moving average. Perhaps that will contain the decline there. We simply have to wait for tomorrow and the market reaction. GE was off over 1/8 on about average volume. Gold fell a few bucks despite lower interest rates. The US dollar finished little changed. The XAU and GDX had slight fractional losses on light volume. My GDX June calls are now solid losers. Unless we see a decent move higher tomorrow, this trade will head for the loss column. The 50 day moving average broke through the 200 day to the upside today for GDX. It did not cause any buying. Mentally I'm feeling a bit tired. The VIX was higher today due to the final hour sell off. The short term indicators here have now turned back up. It remains below its 50 day moving average though. More oversold than overbought for the VIX. Seven days to go in the June option cycle. It's been a pretty lackluster week so far for stocks. My guess is that will change tomorrow. I have no idea what the inflation data will say but the markets reaction to it is the important thing to keep an eye on. For now we'll wait. Europe and Asia were generally lower. We'll see what tomorrow brings.

Up, down and back up today but overall not much progress as the Dow fell 30 points on good volume. The advance/declines were positive. The summation index is still moving up and because of that we'll maintain a bullish outlook going forward. The overall market finished a bit better than the Dow but it feels like we are simply marking time ahead of the inflation data due out on Thursday. The S&P 500 remains short term overbought and stalling at new all time highs. There's a potential double top on the daily chart here but I'm still a believer in a breakout to the upside. The McClellan oscillator gave a signal yesterday for a big move within the next two sessions. If that signal is valid we'll see some kind of price movement tomorrow. GE finished flat on the session but did make it back from the lows. Gold lost $6 on the August contract. The US dollar was slightly higher and interest rates were slightly lower. The XAU fell about 2 1/4, while GDX lost over 1/2. Volume was light. The continuing underperformance of the gold shares is a problem for the bulls. It is also a problem for my GDX June calls as they are now showing a loss. Getting short term oversold for GDX but it will have to start moving higher for the June call trade to work. The 50 day moving average should cross through the 200 day to the upside tomorrow for GDX. Whether or not that translates into some buying is a guess at this point. The gold futures contract has a potential inverse head and shoulders pattern on its hourly chart. Or I could just be seeing things because I own some GDX calls. At this point it looks like I'll be hanging on to this trade into the inflation report. Mentally I'm feeling OK. The VIX finished higher today after bouncing around. It remains oversold. I'm no longer considering the SPY June puts ahead of Thursdays report. One thing I don't like at the moment is the stagnant market atmosphere. It again feels like the early summer doldrums. Europe was mixed again with Asia generally lower. We'll see how things go tomorrow.

Lower was the theme of the day for the most part as the Dow fell 126 points on average volume. The advance/declines were positive. The summation index continues higher. We were lower from the open and the Dow was the relative underperformer. The NASDAQ sported a gain and that is a plus for the bulls going forward. The S&P 500 had a small loss and remians short term overbought. We're still on the cusp here for a new all time closing high and my guess would be that we'll see it within the next couple of days. The market is in what seems to be a waiting period until Thursdays inflation report. GE was off a nickel and the volume was light. Gold was up ten bucks on the futures. The US dollar was slightly lower and treasury yields were slightly higher. The XAU lost 3/4, while GDX was basically flat. Volume was light. Higher gold prices and no rise for the gold shares is not a good sign for the bulls here. My GDX June calls are still around break even but at this rate this isn't a trade to get married to. I really do not want to hold on to this trade until the inflation report comes out but I may have to. One of the reasons I'm still in this trade is the fact that on the daily chart, the 50 day moving avergae is about to cross the 200 day moving average to the upside. That is bullish and should create some buying there when it happens in the next couple of sessions. The only thing that could derail this is a sharp drop in the next couple of days. I don't see that happening but the market goes where it wants. Mentally I'm feeling OK. The VIX finished flat today and remains short term oversold. If it just moves sideways this week the market should be fine. I have been considering getting some SPY June puts ahead of the inflation report. I'll wait and see what the next couple of days bring before deciding on that. My guess remains that we'll see a new all time closing high soon but after that who knows? Concentrating on the GDX for now. Europe and Asia were mixed to begin the trading week. We'll keep an eye on the overnight developments.

The jobs report was a bit lighter than expected and the market liked what it saw. The Dow rose 179 points on average volume. The advance/declines were shy of 2 to 1 positive. The summation index continues higher. We had an upside gap at the open for stcoks and traveled higher for the rest of the session. The overall market was stronger than the Dow, led by the NASDAQ. That bodes well for higher prices in the beginning of next week. The S&P 500 is this close to closing at a new all time high. Should make it there next week as it remains short term overbought. Once we get past the old high, there is no overhead resistance. The only warning sign today is that the volume was not as robust as it has been. GE was off 1/8 on average volume. Gold snapped back $21 today on the jobs report. The US dollar was lower and interest rates dropped as well. The XAU was up 2 1/8, while GDX added 1/2. Volume was light. Considering all the good news for gold today I would have expected better upside moves for the gold shares. My GDX June calls are showing a very small profit and I was tempted to just take it but I didn't. I should be out of this trade early next week unless an actual gold share rally takes place. Mentally I'm feeling OK. The VIX was lower today and that fits an upside market day. Still short term oversold here and staying that way. During rallies the VIX can remain oversold for an extended length of time. I think that we're in one of those phases now. That said I may try the SPY June puts ahead of the inflation data next week if we simply continue higher from here. The NYA set a new all time high today but the TRAN was lower. All the major stock indices remain above their 50 day moving averages and certainly that is bullish. I'll be going over the charts this weekend to try and decipher a game plan to put in place next week. Asia traded mostly lower and Europe was higher to close out the week overseas. It's Friday afternoon and time for a break.

It certainly wasn't a quiet session today as the market had a huge gap down to start the session. It spent the rest of the day battling back and the Dow finished with a loss of 23 points on the continues heavy volume. The advance/declines were negative. The summation index is still moving up. The overall market was weaker than the Dow with the NASDAQ leading the way lower. That is not a good sign for the bulls. It also makes tomorrows reaction to the jobs report even more important than it might have been. If we are on the verge of a rollover here, the double top in the S&P 500 has a long way to go lower. But that hasn't happened yet and we'll know more after tomorrow hopefully. The S&P remains short term overbought. GE was up a penny on average volume. Gold got clobbered today as the futures dropped $37. The US dollar was up and so were interest rates. The XAU fell 5 3/4, while GDX lost 1 1/3 on good volume. The gold shares had a gap to the downside at the open as well and the recent consolidation there now appears to have been distribution. That doesn't bode well for my GDX June calls as the open order that I had out there was filled this morning. That trade stands now at around break even. I'll have to decide what to do with it at tomorrows open. Unless there's a dramatic turnaround it now appears that gold and the gold shares are headed lower. Mentally I'm feeling OK. The VIX finished just slightly higher and remain short term oversold. Not getting a good feel one way or the other from this indicator at the moment. At this point it's just a matter of waiting for tomorrows market open and deciding where to go from there. There's still 2 weeks to go in the June option cycle but with todays sharp turnaround in gold and the gold shares, being on the long side there does not appear to be a good idea. We'll see how it goes tomorrow. Asia was generally higher and Europe mixed overnight. All eyes on the employment numbers Friday morning.

It seems like a market that is just hanging around as the Dow gained 25 points on heavy volume once again. The advance/declines were positive. The summation index is moving higher. Plenty of volume but not much movement spells either accumulation or distribution. Perhaps the market is just waiting for the jobs report. Whatever the case I cannot make up my mind for either the calls or the puts for the SPY. We remain short term overbought for the S&P 500 but the summation index is moving up. The TRAN was lower today, that may or may not mean something. The Robinhood crowd is back at it as AMC gained 100% today. That's surely a sign of speculation. I'll continue to watch what's going on in hopes of coming up with some type of near term strategy. GE was off a nickel and the volume was light. Gold was up $9 on the August contract. The US dollar was a bit higher, rates a bit lower. The XAU and GDX had minor fractional gains on very light volume. My open order for the June GDX calls remains The gold shares are atill short term overbought and staying that way. Mentally I'm feeling OK. The VIX was a touch lower today and remains oversold. Not getting any help here as to the markets future direction. The beginning of June feels like the summar doldrums so far but that probably won't last. Something has to give sooner or later but I don't have a good feel for what's about to happen. Maybe tomorrow will help put things in focus. Asia was mixed and Europe higher overnight. We'll keep an eye on tonights headlines and take it from there.

We begin the month of June on a mixed note as the Dow gained 46 points on heavy volume. The advance/declines were better than 2 to 1 positive. The summation index is trending higher. The Dow was up over 300 points in the first five minutes and spent the rest of the day selling off. The NASDAQ and the S&P 500 finished the day with slight losses. The S&P remains short term overbought on the majority of its indicators. I'm not sure what is about to happen here with stocks but I hope to have a clearer picture before Fridays employment report. GE was up almost a dime and the volume was light. Gold was off $7 on the futures. The US dollar was slightly lower and interest rates ticked up. The XAU gained 1 2/3 but GDX only edged higher by 1/8. Volume was light. My open order for the GDX June calls remains out there. GDX also remains short term overbought and in a sideways trading channel. Mentally I'm feeling OK. The VIX bounced up today but remains below its 50 day moving average. Still oversold here but the VIX can stay that way for quite some time as it has in the past. If that's the case we'll see a rally at some point this week. But you can't really predict for certain what the indicators will do, hence my hesitation on taking a position in the SPY right now. Todays price action certainly wasn't bullish for the S&P by opening much higher and settling for a loss on the day. That's actually a one day reversal to the downside. I'm also not sure what the heavy volume today has in store for us going forward. So I'll be on the sidelines for the SPY for now and keep an eye on gold as we make our way through the week. Asia was mixed and Europe higher overnight. We'll see how things go tomorrow.