It was the usual post Thanksgiving rally as the Dow rose 188 points on very light volume. The advance/declines were 2 to 1 positive. The summation index is moving higher. The NASDAQ led the way up and that's a plus. We did have a drop in the last five minutes or the numbers would have been even higher. The S&P 500 remains short term overbought. I may try the SPY December puts on Monday. Gold was up $10 on the futures. The US dollar was lower and interest rates dipped. The XAU and GDX had fractional gains on very light volume. No GDX trades for now. Mentally I'm feeling OK. The VIX moved lower and is still short term oversold. Not sure how low the VIX will go here but it is a positive for the market at this point. Europe and Asia were higher with the exception of Japan. We'll check the charts in the next couple of days and take it from there. It's Friday and time for a rest.

Some pre-holiday selling today as the Dow fell 138 points on light volume. The advance/declines were positive. The summation index is still trending up. Inflation data came in where expected. I did place an order for the SPY December puts overnight but it wasn't filled. I have since canceled it. The NASDAQ led the way lower and that is not a positive. The short term indicators for the S&P are starting to curl down but remain in overbought territory. A holiday tomorrow followed but a shortened trading session on Friday. I will probably revisit the SPY put idea at some point next week. Gold was up $17 on the futures. The US dollar was lower and interest rates ticked down. The XAU and GDX had slight fractional moves one way or the other on light volume. Once again gold itself was higher and the gold shares didn't do anything. We might have to pass on trading GDX for now. Still mid-range for the short term indicators there. Mentally I'm feeling OK. The VIX finished little changed and remains short term oversold. Perhaps a double bottom is forming there but we won't know for sure as the VIX could simply continue to move lower. Nothing left to do now except enjoy the long holiday weekend. Asia up with the exception of Japan and Europe lower with the exception of the FTSE. Happy Thankgiving everyone.

Continuing higher as the Dow gained 123 points on light volume. The advance/declines were around 2 to 1 negative. The summation index is moving up. The overall market fared better than the Dow and that's a plus. What isn't a plus is the negative breadth numbers. However the market keeps plowing ahead and we must respect price. New all time closing highs for the Dow and the S&P 500. I do still want to try the SPY December puts at some point. The S&P 500 remains short term overbought with a little room left to the upside for the indicators. Inflation data out tomorrow and that should provide some movement early in the day. However it is right before the Thanksgiving holiday and I expect thin trading. If we continue to move up into the close on a shortened Friday session, I may try those SPY puts. Gold was up $13 on the futures. The US dollar finished slightly higher and interest rates were flat. The XAU and GDX had slight fractional moves higher on very light volume. The short term indicators for GDX are at mid-range. Not sure where gold goes next as it has turned into a headline driven commodity for now. Mentally I'm feeling OK. The VIX was lower and remains short term oversold. One of the reasons against taking on a put trade here is the low level of the VIX with room to go lower. Not to mention that this indicator remains comfortably below both the 50 and 200 day moving averages. But we do have some other of our indicators that are saying the puts are the way to go at least on a short term basis if we continue higher into the weekend. The trading is never easy. We'll see how things go tomorrow and take it from there. Europe and Asia finished lower on Trump tariff talk. I'll keep an eye on the overnight developments.

The day began with a gap to the upside but then the market went sideways to lower for the rest of the session. But it only moved lower from a much higher position as the Dow climbed 433 points on very heavy volume. Looks like traders were getting their positions done today before heading out for the rest of the week. The advance/declines were 3 to 1 positive. The summation index is moving up. Once again the Dow was the outperformer. The S&P 500 remains short term overbought but not at extremes. We'll get inflation data on Wednesday ahead of the holiday. I'm leaning towards the SPY December puts here but the timing as always will be the key. Gold got crushed today as the futures fell $85. The US dollar was lower and interst rates dropped. The XAU lost 4 1/4 and GDX shed 1 1/4. Volume was good to the downside. On the sidelines with regards to the gold share options for now. Not exactly sure what is going on with respedt to gold right now. The usual inter-market relationships din't work today. Mentally I'm feeling OK. The VIX was lower today which fits the upside in stocks. It remains oversold but not completely so. I was expecting a quiet week for the market but we certainly didn't see that today. Asia was mixed and Europe slightly higher overnight. We'll see what tomorrow brings.

Sideways to higher for the overall market but the Dow climbed 445 points to a new closing high on average volume. The advance/declines were 3 to 1 positive. The summation index is heading back up. Both the NASDAQ along with the S&P 500 posted gains but not as much as the Dow. The short term indicators for the S&P continue to grind higher and are not yet overbought. A holiday week coming up and that is usually positive at this time of the year. No SPY option trades in mind at the moment. Gold was up $33 on the futures to finish its best week in a while. The US dollar was higher and interest rates ended flat. The XAU and GDX had slight fractional gains on light volume. Once again the gold shares did not follow gold higher. The short term indicators for GDX appear to be beginning to stall. Mentally I'm feeling OK. The VIX was lower today which fits with an up market. The short term indicators are rolling over here which implies more near term gains for stocks. The VIX is also back below its 200 day moving average. It was a good week for stocks following the previous poor showing a week earlier. It looks like the market can build on that next week. I'd expect a quiet week with a holiday on Thursday but you never know. I'll be checking the charts over the weekend as usual. Europe was higher and Asia mixed to finish out the week. It's Friday afternoon and time for a break.

We got the big move anticipated from the McClellan oscillator signal today as the Dow climbed 461 points on average volume. The advance/declines were better than 3 to 1 positive. The summation index is trying to turn around. The Dow led the way today and this isn't the most bullish scenario. The S&P 500 had a good day but the NASDAQ was barely positive. The NVDA earnings were a disappointment. The short term indicators for the S&P are edging higher. New all time highs on the way? Maybe but we would like to see the summation index turn around first. We'll see what happens tomorrow ahead of a holiday week for the US. Gold was up another twenty bucks on the futures. The US dollar was higher and interest rates were up just a bit. The XAU was up 1 3/4, while GDX added 3/8. Volume was average. A nice bounce for the gold shares so far this week. A V bottom? We'll know in the coming sessions. Mentally I'm feeling OK. The VIX was lower today. The short term indicators are still trending on an upward slope. My guess is that they will turn back down and the market will continue higher in the near term. But markets go where they want. Still below the 50 day moving average on the VIX. Still on the sidelines with regards to the next trade as premiums are high and Thanksgiving week is coming up. I expect that many players will take some time off. Patience for now. Asia lower and Europe higher overnight. We'll close out the trading week tomorrow.

Still a mixed picture on Wall street as the Dow gained 139 points on light volume. The advance/declines were negative. The summation index is moving down. The Dow outperformed as the NASDAQ posted a small loss and the S&P 500 finished flat. It was an up and down trading session for most of the day. We got a signal last night for a big move within the next two days from the McClellan oscillator. We'll see if that pans out tomorrow. I still think prices are heading higher from here. Perhaps the earnings report from NVDA after the bell can get things going. The short term indicators for the S&P are still trying to turn back up. Gold was up another twenty bucks today. The US dollar was higher and interest rates ticked up. The XAU and GDX had fractional losses on light volume. The gold shares did not follow the precious metal higher today. That isn't a bullish development. The short term indicators for GDX are now mid-range. Mentally I'm feeling OK. The VIX finished higher today which doesn't exactly fit with the market closing prices today. The short term indicators are slowly moving up. Not sure what to expect next from this indicator but it's still below the 50 day moving average. It seems like the market is trying to make up its mind what to do here. Europe finished lower and Asia was up with the exception of Japan. I'll keep an eye on the overnight headlines.

Once again a mixed bag as the Dow was down and the overall market moved higher. The most watched index fell 120 points on average volume. The advance/declines were slightly negative. The summation index is moving lower. Both the NASDAQ and S&P 500 had one day upside reversals as they gapped lower at the open only to then move higher the rest of the session. The short term indicators for the S&P are trying to turn back up from mid-range levels. I think that they will be successful as I'm still looking for more upside in the near term for stocks. I could be wrong but we'll see in the coming days. Gold was up another $23 on the futures. The US dollar finished flat and interest rates were slightly lower. The XAU rose 3 points and GDX was up 7/8. Volume was average. The short term indicators for GDX have turned up with plenty of room to go. Have we missed a GDX call trade here? Perhaps. GDX did break above its short term down trend line today. I'll keep an eye on it here but we'll have to see where it goes for the rest of the week. Mentally I'm feeling OK. The VIX was higher today despite the gains for the overall market. Not sure what to make of that. Still short term oversold but not completely so. The VIX did remain below its 50 day moving average. Waiting on NVDA earnings after the bell tomorrow for most likely the next big market mover. Trying to remain patient for now. Asia higher and Europe lower overnight. We'll see how Wednesday goes.

A little bounce back in the overall market to begin the week but the Dow fell 55 points on average volume. The advance/declines were positive. The summation index is still heading lower. The NASDAQ outperformed today. The S&P had a slight gain. The short term indicators for the S&P 500 are beginning to stall at mid-range. So things could go either way from here. My guess is that we will start to move back up from here. It is a light week for economic data. The earnings highlight will be NVDA after the bell on Wednesday. Option premiums are high with an extra week in the December cycle. I'm on the sidelines until further notice. Gold jumped $44 on the futures today. The US dollar was lower and interst rates ened the day flat. The XAU gained 6 points, while GDX added 1 1/2. Volume was good to the upside. The short term indicators for GDX have turned back up but it remains oversold. Not sure if today was just an oversold bounce or the beginning of something sustained to the upside. I'm inclined to think that it is the former. Still below the short term down trend line on GDX. Another day like today would get us through there though. Mentally I'm feeling OK. The VIX was lower today and is back below the 200 day moving average. The short term indicators remain oversold. My idea is that the VIX goes lower from here and stocks resume their up trend. We'll see. Asia was generally higher and Europe mixed to begin the week. I'll keep an eye on the overnight headlines.

We certainly did not see the usual positive option expiration bias this week as today the Dow fell 305 points on good volume. The advance/declines were around 2 to 1 negative. The summation index is moving lower. The NASDAQ led the way down and that is not a plus. The major indices had gaps down at the open and the selling continued for much of the rest of the day. Markets managed to move sideways for the final couple of hours. The short term indicators for the S&P 500 have now rolled over with plenty of room to go. The weekly candlestick chart here suggests at least some sideways price movement unless we see a big rally next week. I was looking for higher prices in the short term and that was wrong. Not sure where we go from here but will have to check all the charts over the weekend. Gold was off another five bucks on the futures. The US dollar was slightly higher and interest rates finished flat. The XAU was off 1 1/2 and GDX lost 1/4. Volume was average. GDX remains short term oversold and is hanging in at its 200 day moving average for now. GDX technically hit a bear market this week as it is down 20% from the recent high. We will try and wait for things to sort themselves here before trying the GDX options again. Mentally I'm feeling OK. The VIX was up today but off of its best levels on the session. The short term indicators here turned up but remain oversold. I thought the VIX was pointing to higher near term stock prices as well and that was incorrect. I'm not sure where it goes from here but it is still far off from the 20 level although it did pop above the 200 day moving average today. This weeks stock price action puts into question whether the election rally will continue. We'll know more as we get into next week. Rolling into the December option cycle and the premiums will be high. I'm on the sidelines for now. Asia mixed and Europe slightly lower to close out the week. It's Friday afternoon and time for a break.

Lower today as the Dow fell 207 points on average volume. The advance/declines were negative. The summation index is beginning to trend down. Producer prices came in about where expected. The short term indicators for the S&P 500 are starting to roll over but remain overbought. I don't think that the rally is finished here but I could be wrong. Expiration Friday on tap tomorrow. Gold was off $13 on the futures. The US dollar was up and interest rates finished mixed again. The XAU was up 1 1/4, while GDX had a fractional gain. Volume was good. GDX bounced off of its 200 day moving average today. It remains short term oversold with plenty of techncial damage done for the bulls. Mentally I'm feeling OK. The VIX finished flat despite the drop in stocks. Not sure what that means. The VIX is still short term oversold and staying that way. It still implies higher market prices going forward. Europe higher and Asia lower overnight. We'll see how expiration Friday turns out tomorrow.

Back and forth today as the Dow rose 47 points on average volume. The advance/declines were negative. The summation index is tracking sideways. Todays inflation data came in where expected. It was a mixed bag for stocks as the NASDAQ posted a loss on the session. The S&P 500 had a slight gain and remains short term overbought. We are in a waiting mode for now when it comes to the next trade. Two days left in option expiration week. Then we roll into the December option cycle which has an extra week in it plus a Thanksgiving holiday week. So unless we get a very good signal, I'll be sitting things out for a while most likely. Gold was down $26 on the futures. The US dollar was higher yet again and interest rates finished mixed. The XAU dipped 2 1/4 and GDX slipped 1/2. Volume was a bit above average. Short term oversold and staying there for GDX. Almost to the 200 day moving average at the 35 level. GDX has dropped about 20% in around a month from the recent high. That's quite a move in a short period of time. It is probably best to let things settle down in the gold shares before trying to trade them again. Mentally I'm feeling OK. The VIX was lower again today and remains short term oversold. It looks like the VIX will stay oversold for a while. There doesn't appear to be anything in the way of the current stock market rally. Europe and Asia were generally lower overnight. We'll get a Fed chairman speech and inflation data out tomorrow.

Sellers returned today as the Dow fell 382 points on average volume. The advance/declines were around 4 to 1 negative. This will have the summation index moving sideways. The Dow led the way lower and that isn't the most bearish scenario. Waiting on tomorrows inflation data. The S&P 500 remains short term overbought. We are in a watch and wait mode for now. Gold continues to fall as the futures dropped another ten bucks. The US dollar was higher along with interest rates. The XAU shed 2 1/4, while GDX was off over 1/2. Volume was heavy again to the downside. GDX remains short term oversold and below the lower Bollinger band. Looks like it's on the way to the 200 day moving average. Mentally I'm feeling OK. The VIX was lower today and that doesn't fit with a down market. Short term oversold and staying there for the VIX. My guess is that it continues sideways to lower for the rest of this week. Not much else to report today. Moving on from yesterdays loss. Haven't seen the usual option expiration week positive bias yet. Asia and Europe were down in last nights trading. We'll see what Wednesday has to offer.

The Dow kept moving higher to start the week as the most watched index gained 304 points on good volume. The advance/declines were positive. The summation index is moving higher. The overall market was a bit more subdued as both the NASDAQ and S&P 500 finished little changed. The technical condition for the S&P remains short term overbought and staying that way for now. We've got inflation data on tap this week for the market to deal with along with a Fed chairman speech. It's also option expiration week. So there will be plenty of excuses for the markets to move. Gold got clobbered again today as the futures lost $65. The US dollar was higher and the bond market was closed for Veterans day. The XAU fell 9 points and GDX lost 2 1/3. Volume was very heavy to the downside. My GDX November calls got killed. It was a 95 % loss as the gold shares opened with a huge gap lower. Another poor decision on my part for taking on this trade and the management of it stunk. The best result it got to was break even. GDX has broken the up trend line that began in February. Short term oversold and staying that way. The medium term picture has not made it to oversold yet. It appears that GDX is heading to its 200 day moving average at 35. The longer term bullish up trend line comes in at 29. I don't think that it is heading all the way back there but who knows? Mentally I'm feeling a bit frustrated as my last few trades have been losers. But the markets don't care. As usual the one thing that you have to be able to do in this game is to keep moving on. I doubt I'll be taking on any trades here on expiration week but maybe. A short term SPY put trade would be the choice. But that sounds more like a revenge trade due to todays loss. The VIX was flat today. Still in a short term oversold condition. Not sure what comes next for the VIX but sideways isn't out of the question. It's back to the drawing board for me when it comes to the next trade to take on. Might have to sit on the sidelines for a while. Europe and Asia were higher to start the week with the exception of the Hang Seng. I'll keep an eye on the overnight developments.

Still moving higher going into the weekend as the Dow gained 259 points on good volume. The advance/declines were positive. The summation index is now moving up. The Dow led the way and that isn't the most bullish scenario. Both the NASDAQ along with the S&P 500 had small gains. New all time closing highs all around so we can't feel too bad on the bullish side. The S&P is short term overbought. Moving into option expiration week and there's nothing to prevent us moving up from here. There is no overhead resistance. Not sure how long the rally will last but it's usually longer than you think. Gold was off a dozen on the futures today. The US dollar was higher and interest rates finished mixed. The gold shares were lower as the XAU fell 2 1/2 and GDX lost 1/2. Volume was average. My GDX November calls got more than cut in half from yesterdays break even level. With only a week to go in these options obviously now I should have sold them yesterday. This will be most likely another loser unless we see some extreme event over the weekend. Still below the down trend line and 50 day moving average for GDX. Mentally I'm feeling OK. The VIX was still lower today and remains short term oversold. The implication is for more gains in stocks. A big week for the bulls and we'll see if they can build on it going forward. I'll be going over all the charts this weekend but will probably remain on the sidelines with regards to the SPY November options. I'll be looking to get out of the GDX call trade with the smallest possible loss. Europe and Asia were generally lower to close out the week. It's Friday afternoon and time for a break.

The Fed came and went but the rally continued for the overall stock market. The Dow was the laggard though and finished flat on heavy volume. The advance/declines were positive. The summation index is still trying to turn around. The NASDAQ led the way higher today and that's a plus. The S&P 500 is almost back to being short term overbought again. New all time highs now on a daily basis with no overhead resistance. The bulls are in charge. Gold bounced back $35 on the futures. The US dollar was lower along with interest rates. The XAU was up 3 1/3, while GDX gained 7/8. Volume was above average. The short term indicators for GDX have turned back up. However there is a short term down trend line and the 50 day moving average at 40 that needs to be gotten through. Another day like today would do it but that's probably asking a lot. My GDX November calls are back to where I purchased them in this ill timed trade. I should probably be out of this trade tomorrow. Mentally I'm feeling a bit tired. The VIX continued lower and is now below its 200 day moving average. Short term oversold here as well but the VIX can remain that way for an extended period of time during rallies. There doesn't appear to be anything in the way of further price gains in stocks going forward. Option expiration week is next week and if the usual positive bias shows up we'll see more gains. Europe was higher with the exception of the FTSE and Asia finished mixed. We'll close out quite a trading week tomorrow.

It was a Trump victory in the US election and stock markets exploded to the upside. The Dow, S&P 500 along with the NASDAQ hit new all time highs. The Dow gained 1508 points on very heavy volume. The advance/declines were positive. The summation index is trying to turn back up. Stocks rejoiced at the implication of another four years with Trump at the helm of the US government. The short term techncial indicators for the S&P improved and are moving straight up. There is no overhead resistance for the major stock indices. I'm not sure how long the rally lasts but there is nothing in the way for now on higher prices. We've got the Fed tomorrow and a rate cut is widely expected. I missed out on the SPY November calls as I did not want to pay the high premiums for another mistake on my part. Too late for that idea now. Gold got clobbered as the futures lost eighty bucks. The US dollar jumped higher and so did interest rates. The gold shares got slammed with the XAU losing almost 4 points and GDX dropping 1 1/2. Volume was heavy to the downside. Considering the drop in gold itself, it could have been worse for the gold shares. Gold was dropping overnight but not as steep as it became today. I should have canceled my open order for the GDX November calls but did not. Yet another mistake. It was filled at the open and is showing a loss. I might be able to cut the loss tomorrow if we get some good news from the Barrick Gold earnings before the bell. The technical picture for GDX has changed as the short and longer term up trend lines have been broken. It remains short term oversold but can remain that way during down trends. Mentally I'm feeling OK. The VIX gapped lower today which fits with a robust stock market. It is now well below the 20 level and its 50 day moving average. The VIX is right by its 200 day moving average and if it can get below that level the rally will have legs. Today we saw an example of how quick things can sometimes change in the market place. We don't often see moves like we saw today but thare is always that potential. Asia was mixed and Europe lower overnight. We'll see how the market reacts to the Fed tomorrow.

Moving higher on election day as the Dow gained 427 points on light volume. The advance/declines were 4 to 1 positive. The summation index is trying to turn around. Another day of breadth like today would do it. The NASDAQ led the way higher and that is a plus for the bulls. Getting the election put of the way was to be seen a positive for the market and we probably got some of that today. The short term indicators for the S&P 500 have turned up with plenty of room to go. I might be premature but this could be the beginning of a rally to new all time highs for the S&P. I did not get any of the SPY November calls here as the option premiums were too high for me but perhaps there will be another chance. Of course one day doesn't make a rally and the election results could change things. But my thinking is that the market will go higher from here regardless. Gold was up $5 on the futures. The US dollar was lower and interest rates finished mixed. The XAU and GDX had fractional gains on light volume. The gold shares did not follow the overall market today. GDX remains on its 50 day moving average and short term oversold. My open order for the GDX November calls is still out there. Mentally I'm feeling OK. The VIX was lower today and its short term indicators have turned down. The movement here is another reason to be positive on the market going forward. Still above the 20 level and its 50 day moving average though. Getting below those levels should be an all clear signal for the bulls. Europe and Asia were higher overnight. I'll keep an eye on the election results along with the futures movements tonight and we'll see what tomorrow brings.

Some selling today ahead of an important week as the Dow fell 257 points on light volume. The advance/declines were positive. The summation index is moving lower. We've got the US election and the Fed on tap this week. The NASDAQ along with the S&P 500 had minor declines. Waiting on results and data. I still like the idea of the SPY calls in a sigh of relief rally once the election has been called. More importantly the S&P is short term oversold and hanging in at the 50 day moving average along with the lower Bollinger band. However the option premiums remain high for the SPY options. If they do move low enough for me I'll probably give this trade a shot. Gold was off a few bucks on teh futures today. The US dollar was lower along with interest rates. The XAU and GDX had slight fractional moves one way or the other on light volume. GDX is hugging its 50 day moving average and is also short term oversold. I did place an order overnight for the GDX November calls but it was not filled. I am leaving the order open. This is a trade that has worked the previous four months heading into option expiration. We'll see if number five follows that pattern. Mentally I'm feeling OK. The VIX finished flat today. Still in short term overbought territory. Still below the levels of the recent highs for this indicator. It is another reason that leads me to believe that the SPY calls will work here. However if the VIX spikes up from here that trade idea would be dead. Asia was mixed and Europe lower to begin the trading week. We'll see how election Tuesday shapes up.

We did not see follow through selling today but instead got an oversold bounce as the Dow gained 288 points on light volume. The advance/declines were negative. The summation index is moving lower. The jobs report came in weaker than expected. The NASDAQ led the way up but we are in a precarious market position. We do not know if today was just a reaction to relieve the oversold market condition before we head lower or if the decline will end here at the 50 day moving average on the S&P. We are in short term oversold territory on the S&P 500 so you can make the case either way. However todays price action cannot be construed as positive, since the early gains were sold off for the rest of the session. I did place an overnight order for the SPY November calls but it was not filled. I think that I still like this idea but from lower levels on the S&P if we get them. Gold was off five bucks on the futures. The US dollar was higher along with interest rates. The XAU lost almost 2 points and GDX dipped 1/2. GDX is now short term oversold which is what I've been waiting for to consider the calls here again. A call trade on GDX has worked the last three times it got short term oversold in the previous three months. There is nothing to say that it won't work again this time around. GDX is right on its short term trend line though. A break below here would make me want to reconsider this idea. Mentally I'm feeling OK. The VIX was lower today and some of the short term indicators have turned down. The rise in the VIX did stop at the recent previous levels during the past couple of months. This is another vote for higher stock prices moving forward and trying the SPY November calls next week. That's not to say that the VIX can't simply turn back up and stock prices continue to move lower. The techncial evidence at the moment though suggests that isn't going to happen. There will be plenty to ponder going over the charts this weekend. Asia was mixed and Europe higher to close out the week. It's Friday afternoon and time for a rest.