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Wednesday, January 08, 2025

Just hanging around today as the Dow rose 106 points on good volume. The advance/declines were negative. The summation index is still in a sideways trend. The Dow was the outperformer today. The NASDAQ had a small loss and the S&P 500 a small gain. The short term indicators for the S&P are now mid-range. I put in a few orders for the SPY January calls today trying to get the price that I wanted. None were filled. If we get early selling on Friday I might take a look at this idea again. Or it could be too late. The market is closed tomorrow ahead of the jobs report and there are only six days left in the January option cycle. So the risk of any option trade here is high. Might have to remain on the sidelines. Gold was up $14 on the futures. The US dollar was higher and interest rates finished flat. The XAU climbed 3 1/2, while GDX added 7/8. Volume was a bit above average. GDX is getting close to the down trend line that is in effect at 36.5. It also is nearing both the 50 and 200 day moving averages. Not yet short term overbought on GDX so perhaps it will make it to that down trend line. Mentally I'm feeling like I want to take on the SPY call trade but the signal isn't as strong as I'd like it. I also do not want to make a trade just to do it. I can always just wait until the February cycle. It's something to think about on Thursday. The VIX was just a bit lower today. The short term indicator picture here is mixed with an oversold bias. The VIX is above both its 50 and 200 day moving averages. The daily candlestick chart here looks like that it wants to go lower which would be a boost for stocks. Europe and Asia were generally lower overnight. We'll take a break tomorrow and get ready for Friday morning.

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