Closing out the week on a positive note as the Dow rose 183 points on expiration heavy volume. The advance/declines were slightly positive. The summation index is tracking sideways. The NASDAQ continues to lead the way here and that is a plus for the bulls. The S&P 500 posted another good gain. The short term indicators on the S&P have turned up. I'm inclined to believe that we've put in some type of at least a short term bottom here. Stocks are moving into a positive seasonal period with the Christmas holiday week coming up. At this point we are looking at the beginning of next year to trade the options again. But we'll see how things shape up. Gold was up six bucks on the futures. The US dollar was higher along with interest rates. The XAU soared 9 3/8, while GDX was up by 2 1/8. Volume was slightly above average. The short term indicators for GDX are getting back to overbought but not completely there yet. The gold shares followed the overall stock market today. Mentally I'm feeling a bit tired. The VIX was lower today and its short term indicators are turning down. Some have already reached oversold territory. I'm still not sure what's next for this indicator. I'll be checking the charts as usual over the weekend but am prepared to stay on the sidelines next week as we roll into the January option cycle. Asia and Europe finished higher to close out the week. It's Friday afternoon and time for a break.

We got a much needed bounce today as the Dow gained 65 points on heavy volume. The advance/declines were positive. The summation index is trying to turn back up. Inflation data came in lighter than expected. The NASDAQ led things higher and that is a plus for the bulls. The S&P 500 had a decent gain as well and closed back above its 50 day moving average. The short term indicators here are trying to move back up. I am staying on the sidelines with regards to the SPY options for now. Gold was off $7 on the futures. The US dollar was a bit higher and interest rates dropped. The XAU and GDX both ended the day little changed. The short term indicators for GDX are moving sideways. Not sure what to expect for the gold shares next. Mentally I'm feeling OK. The VIX was lower today and that fits an up market. The short term indicators here are mid-range. Looks like it could go either way from here. Option expiration Friday on tap so things could get volatile. It is also the last day before a holiday week. Asia was mixed and Europe higher overnight. We'll close out the week tomorrow.

To the downside today as the selling continues and the Dow fell 228 points on heavy volume. The advance/declines were negative. The summation index is moving sideways. Once again the NASDAQ led the way down and that hasn't been a good sign. My idea of trying the SPY December calls has been wrong. Thankfully we never purchased any since we did not get a solid technical signal. One could occur here soon but it is too late for the December option cycle. The S&P 500 was lower and now has closed below its 50 day moving average. The short term indicators here are heading down with some in oversold territory. Not exactly sure what is going on but the market always knows more than we do. Inflation data due out tomorrow. Gold was up $41 on the futures. The US dollar was higher and interest rates finished basically unchanged. The XAU was up 2 7/8, while GDX added a buck. Volume was light. The short term indicators for GDX are beginning to move sideways. Mentally I'm feeling OK. The VIX was higher today which fits a down market. The short term indicators on the VIX are still moving up. The VIX seems to be implying that there is more selling to come. We'll see. Asia was generally higher and Europe generally lower overnight. We'll see how the market reacts to the economic numbers tomorrow.

A mixed bag today with the Dow lower and the NASDAQ higher. The most watched index fell 302 points on good volume. The advance/declines were negative. The summation index is beginning to stall. We spent much of the day in negative territory but a final two hour bounce brought things back. The economic data had no real surprises either way. The S&P 500 posted a small loss. My idea of the SPY December calls is still out there but the time is running out. The S&P bounced off of its 50 day moving average today so perhaps today was the day to purchase them. However some of the short term indicators for the S&P are heading down and are not yet oversold. I'm thinking that if we see weakness tomorrow I might try that idea but the prudent thing to do here is probably to sit things out and wait for a decent technical signal. Yes, I would like to put on a trade before the year ends but sometimes taking no position is the better idea. I'll consider things overnight. Gold finished flat on the session. The US dollar was a bit lower and interest rates dipped as well. The XAU had a fractional loss, while GDX was unchanged. Volume was light. Some of the short term indicators for GDX continue to point down. No trades here for now. Mentally I'm feeling OK. The VIX finished basically unchanged. Some of the short term indicators here have turned up with plenty of room to go. Not sure where the VIX is heading next as it appears that it could go either way. Next up is the inflation data on Thursday to deal with. We also have expiration Friday and this is the final full week of trading before the market goes into holiday mode again. So if we are going to put on a trade, this is the week to do it. Asia and Europe finished lower overnight. We'll see what tomorrow brings.

We had a one day downside reversal for most stock indices today as the market opened higher and closed lower. The Dow lost 41 points on heavy volume. The advance/declines were about even. The summation index is still trending higher. Once again the NASDAQ led the way lower and that is not a plus for the bulls. It did close just below its 50 day moving average. That said I did consider purchasing some SPY December calls but decided to stay on the sidelines for now. The S&P 500 was a bit lower and the short term indicators here have turned down. Still short term overbought here. Plenty of economic data out tomorrow including the jobs report. So we should get some decent market movement on Tuesday. Gold was up $7 on the futures. The US dollar was barely lower along with interest rates. The XAU dipped 1 1/3 and GDX shed 3/4. Volume was average. The short term indicators for GDX are trending lower. No GDX trades in mind at the moment. Mentally I'm feeling a bit tired. The VIX was up today which fits with a down market. The short term indicators here remain oversold but they have turned up. I'm still not sure what's next for the VIX. Only four days to go in the December option cycle and it doesn't look like I'll be putting on a trade. We'll see. Europe up and Asia down to begin the week overseas. I'll keep an eye on tonights headlines.

A downer to finish off the week as the Dow fell 246 points on good volume. The advance/declines were 2 to 1 negative. The summation index is still moving up. The NASDAQ led the way lower and that is not a plus. It has been under performing lately and that is not bullish. The NASDAQ did not come near to hitting a new all time high as the Dow and S&P 500 did yesterday. We like to see the big 3 moving in tandem and that is not happening right now. The short term indicators for the S&P have turned down but remain overbought. The daily candlestick chart there has a potential double top if price keeps dropping from here. Not sure which way we'll go. The NASDAQ is at its 50 day moving average. If that doesn't hold things here there will be more selling. Gold was up $15 on the futures. The US dollar finished flat and interest rates were up a bit. The XAU lost 3 2/3 and GDX shed almost 2/3. Volume was a bit above average. The short term indicators for GDX have now stalled in overbought territory. The daily candlestick chart here has a short term bearish look. Mentally I'm feeling OK. The VIX was up today but came off of its best levels on the day. It remains short term oversold. Not sure what to expect next here. I'll have plenty to ponder over the weekend when going over the charts to try and come up with some kind of trade for options expiration week. Asia up and Europe down to close out the week. It's Friday afternoon and time for a break.

Mixed would be a good way to describe todays price action but the Dow soared and set a new all time high. The most watched index gained 646 points on heavy volume. The advance/declines were around 2 to 1 positive. The summation index is heading higher. The S&P 500 closed at a new all time high while the NASDAQ posted a loss. We would rather see the over the counter market lead the way here but once again we cannot argue with price. The S&P remains short term overbought. We now favor getting the SPY December calls on weakness despite the overbought condition. Our original prognosis of new all time highs for the S&P is at hand. Once we get through there the overhead resistance will be gone. Might already be too late if we simply continue higher from here. Gold jumped $78 on the futures. The US dollar was lower along with interest rates. The XAU climbed 14 3/4, while GDX added 3 points. Volume was good to the upside as GDX closed at a new 52 week high. My thesis of a potential double top on the GDX daily chart has been negated. Short term overbought there on the indicators but not completely so. Looks like another trade missed in the GDX options again for us. Mentally I'm feeling OK. The VIX was lower and closed below 15. Short term oversold there still and staying that way. The VIX seems to be saying that the party will go on. Waiting on next weeks economic data in addition to options expiration. Still looking for a signal to take on the next trade. Perhaps next week. Europe was higher and Asia was lower with the exception of India. We'll see what Friday has to offer.

The Fed lowered rates as expected and the market climbed higher as the Dow gained 497 points on heavy volume. The advance/declines were better than 2 to 1 positive. The summation index is back to moving up. The Dow was by far the leader today and that isn't the most bullish scenario. But we can't argue with price and today was good for the bulls. The NASDAQ and S&P 500 had smaller gains relative to the Dow. I was in the camp that the Fed would be on hold today and that was incorrect. However we are still looking for new all time highs in the S&P 500 in the coming days. It is knocking on the door. The short term indicators for the S&P remain overbought but can stay that way during rallies. It looks like the S&P wants to break out to the upside from the sideways consolidation of the past couple weeks. Gold was up $26 on the futures. The US dollar was lower along with interest rates. The XAU was up 4 1/2, while GDX added 1 1/4 on average volume. The short term indicators on GDX are moving higher and are not yet overbought. GDX looks poised to hit a new 52 week high. Mentally I'm feeling OK. The VIX was lower today and that fits an up market. The short term indicators here remain oversold. We've got the Fed out of the way and now will be waiting on economic data due out next week. I'm waiting on a clear technical signal for the next trade but at the rate things are going that won't happen before option expiration next week. Running out of time in the December cycle. Not easy being patient sometimes. Europe and Asia were generally lower overnight. We'll see if we get some upside follow through for stocks tomorrow.

Another day of hanging around as the Dow fell 179 points on good volume. The advance/declines were positive. The summation index is still barely in an upwards trend. It was a mixed bag as the NASDAQ posted a small gain and the S&P 500 had a slight loss. Just waiting on the Fed and that should get things going tomorrow. The S&P remains short term overbought. I did place an order for the SPY December puts but it wasn't filled and I canceled it towards the close. The time has probably run out on this idea which is fine. I do still think that we'll be hitting new all time highs for the S&P 500 before option expiration next week. I could be wrong. Gold was up twenty bucks today. The US dollar was a bit higher and interest rates creeped up for the most part. The XAU bounced back 11 points and GDX was up 2 3/4. Volume was a little shy of average. The short term indicators have turned back up for GDX. Mentally I'm feeling a bit tired. The VIX was up slightly today. It remains short term oversold. I'm not sure where the VIX is heading next. I'm not convinced that the Fed will be lowering rates tomorrow and that would spell trouble for the stock market. We do not have a solid technical signal now one way or the other so it's the sidelines for now. Hopefully we'll get a trade in for the December option cycle. Asia was generally lower and Europe mixed overnight. All eyes and ears on the Fed tomorrow.

Lower to start the week off as the Dow fell 215 points on good volume. The advance/declines were around 2 to 1 negative. The summation index is still moving higher but beginning to slow down. Waiting on the Fed is the theme at the moment. The Dow was the downside leader and that's not the worst thing. The short term indicators for the S&P 500 have turned down but remain in overbought territory. It looks like we won't get the chance to try the SPY December puts as the decline may already have begun. Might have to switch over to the calls if the opportunity presents itself. Gold was lower by twenty bucks today on the futures. The US dollar was slighly higher and interest rates continued to rise. The XAU was down about 7 1/2, while GDX shed 1 7/8. Volume was a bit below average. The short term indicators on GDX are heading down with room to go. If the gold shares are rolling over here it could get ugly as a potential double top on the daily chart has a lot of room to fall. Hasn't happened yet and it may not but it is something to keep an eye on. Mentally I'm feeling OK. The VIX jumped up today which fits a down market. The short term indicators here have turned up but remain oversold. Not sure if this is the beginning of something higher for the VIX or just a one day bump. I am still in the camp of new all time highs for stocks before option expiration but with a possible short term decline first. I'm not sold on the consensus that the Fed will be cutting rates again in a couple days. We'll see. Asia and Europe were mixed to begin the week. I'll keep an eye on tonights headlines.

We were hoping to get some clarity on the near term direction today but we only got more of the same drift higher. The Dow gained 104 points on good volume. The advance/declines were slightly negative. The summation index is still moving up. After a brief decent rally in the early going, the market simply went lower to sideways for the rest of the session. The NASDAQ was the leader but the gains were small. The S&P 500 continues to be short term overbought. It is getting closer to new all time highs but not there yet. Gold slipped $13 today on the futures. The US dollar finished unchanged and interest rates were higher. The XAU and GDX had fractional losses on light volume. The short term indicators for GDX are moving sideways. Still in a position where they could go either way. Mentally I'm feeling a bit tired. The VIX continued lower and that bodes well for stocks. Short term oversold and staying that way. That said it isn't a condition that will last forever. Next week is all about the Fed, with another rate cut expected. I'm not exactly sure about that. I'll be checking the charts as usual over the weekend. At this point I am inclined to try the SPY December puts ahead of the Fed for our next trade. This would be a short term idea with only two weeks left in the December option cycle. However I'll be looking at things for the next couple of days to decide if this trade is worth the risk. Asia was higher with the exception of Japan and Europe ended mixed. It's Friday afternoon and time for a break.

It was really just a day of hanging around as the Dow slid 32 points on good volume. The advance/declines were slightly negative. The summation index continues higher. It was a sideways affair for the major stock indices with the NASDAQ having the best of the slight gains that we saw besides the Russell 2000. The S&P had a small gain and remains short term overbought. Inflation data tomorrow and the market movement will tell us a lot. If we rally then all signs are go for new all time highs in the coming days. If we fall then that scenario would be put into question. I did not purchase any options ahead of the inflation data though I was leaning towards the SPY December puts. I could make a case for trying them but decided to wait until perhaps early next week. Or maybe I'll give them a try tomorrow. Gold rose $6 on the futures. The US dollar was higher and so were interest rates. The XAU was up 1 1/4, while GDX added 1/3 but volume was very light. The short term indicators for GDX are stalling and appear to be able to go either way from here. Mentally I'm feeling OK. The VIX was a bit lower today and remains short term oversold. If the VIX continues down tomorrow we'll have about all we need to be confident about new all time highs coming for the S&P 500. Hasn't happened yet. The point is tomorrow will be key. Asia and Europe were generally higher overnight. We'll close out the trading week tomorrow.

Continuing higher as the Dow gained 408 points on good volume. The advance/declines were better than 2 to 1 positive. The summation index is moving higher. The Dow was by far the leader today. The S&P 500 posted another gain but things are not moving at a robust pace. It closed at the top of the sideways channel that it has been stuck in for a week. The S&P did get above 6850 today but fell back in the final hour. Remaining short term overbought here. I'll have to decide tomorrow whether or not to try the SPY December puts ahead of the inflation data due on Friday. I may just stay on the sidelines as I still believe that we are heading to new all time highs for the S&P. Gold was up $17 on the futures. The US dollar was lower along with interest rates. The XAU was off 1 1/8 and GDX dipped 1/2. Volume was light. Some of the short term indicators for GDX are beginning to move sideways. Still on the sidelines with respect to any trade in the GDX options for now. Mentally I'm feeling OK. The VIX was lower today and that fits with an up market. Still short term oversold and remaining that way here which is the normal course of action during rallies. The VIX is hanging around its previous low readings form the end of November. A break below them will continue the rally in stocks. I'll have to look things over tonight and decide what to do from there. Europe and Asia remained mixed in last nights trade. I'll keep an eye on tonights developments.

Back to the upside as the Dow gained 185 points on good volume. The advance/declines were slightly negative. The summation index is moving up. The NASDAQ led the way and that is a plus for the bulls. We've been going sideways for a few days now at roughly between 6800 and 6850 on the S&P 500. Whichever way it breaks will give us the near term trend. The S&P remains short term overbought. Gold was off $32 on the futures. The US dollar finished little changed again along with interest rates. The XAU lost 5 3/8, while GDX dropped 1 1/3. Volume was a bit above average. GDX is still short term overbought but the indicators have rolled over. Mentally I'm feeling OK. The VIX was lower today and remains short term oversold. If we can keep the VIX moving sideways before Friday we might try the SPY December puts. However at the moment we are lacking any definitive, clear technical signal when it comes to the SPY index. Trying to remain patient for now. Asia and Europe were mixed overnight. We'll see how things go tomorrow.

We had some selling to begin the month of December as the Dow fell 427 points on good volume. The advance/declines were shy of 2 to 1 negative. The summation index is still moving up. The Dow led the way lower and that isn't the most negative scenario. I'm still in the camp that we are heading to new all time highs soon but could change my mind. The S&P 500 was lower and some of its short term indicators are still overbought. I will have to see how the rest of the week shapes up before attempting the next trade in the SPY options. Gold was up $16 on the futures. The US dollar finished little changed and interest rates were higher. The XAU ended the day flat and GDX shed 3/8. Volume was average. GDX remains short term overobught and is on the cusp of hitting a new 52 week high. Still no gold share trades that stand out for me right now. Mentally I'm feeling OK. The VIX was up a bit today which fits a down market. It remains short term oversold. If the VIX hangs around where it is now for the rest of the week, then I might consider trying the SPY December puts ahead of Fridays inflation numbers. However I do not think that is the most likely scenario. We will try and let the market tell us where it is going. Asia was mixed and Europe lower to begin the week. I'll keep an eye on tonights headlines.