The week started right where we left off with a listless, going nowhere for now market. The Dow was up 66 points on light volume. The advance/declines were slightly positive. The summation index is moving sideways. A mixed bag as the NASDAQ was negative. The S&P 500 remains stuck in a range. The short term indicators here are trying to turn back up so perhaps we'll see some buying tomorrow. But who knows? Still waiting on a catalyst or something to get things going. Earnings haven't provided much direction as yet, perhaps the GDP report on Thursday will get things moving. Inflation data out on Friday. We just rolled in to the May option cycle so the premiums are still high. Gold rose $8 on the futures. The US dollar was lower and interest rates a bit higher. The XAU and GDX had fractional gains on pretty light volume. I did place another open order for the GDX May calls and I'm leaving it out there for now. Not completely short term oversold for GDX but we're getting there. I might adjust the order and take this trade ahead of the NEM earnings report on Thursday. We'll see. There's been a lack of volume lately for the gold shares and that is not a positive. Mentally I'm feeling OK. The VIX was basically unchanged today but was higher during the session. Still short term oversold on the daily indicators but that has been the case for weeks. Not getting a good idea of what comes next here with regards to the VIX. Plenty of earnings due in the next few days. Asia was mixed and Europe slightly lower to begin the last week in April. We'll keep an eye on the overnight headlines.

Just another day of watching paint dry as the Dow gained 22 points on light volume. The advance/declines were slightly negative. The summation index is stalling here. We saw a little back and forth early but have finished just about where we started. The was no expiration volatility and no positive expiration week bias. Not sure what the market is doing here but it ain't much. It's a trendless game at the moment and that isn't appealing to options trading. It's still a week and a half until the Fed. The S&P 500 has been trading sideways for a while and we're still waiting to get to 4200. The short term technical indicators here have rolled over from overbought. I'm not sure what comes next here but we'll move on to the May option cycle. Gold lost over $25 on the futures. The US dollar was a bit lower and interest rates a bit higher. The XAU fell 1 3/4, while GDX lost 3/8. Volume was light. GDX is moving towards short term oversold but isn't there quite yet. I am looking at the May calls here now and will probably place an order before the open on Monday. We'll put the order in only to be filled if GDX continues to decline. There's a possibility that gold rolls over here and we do not want the calls if that happens. GDX could be headed back to the 50 day moving average which is below 31. So we will have to look at things this weekend and try to come up with the right game plan here. Mentally I'm feeling OK. The VIX was lower today as there was no upside follow through to yesterdays slight gain. Still short term oversold and the VIX is still saying that higher stock prices are in our future. It is a low volatility environment at the moment. The low volume is a concern for the bulls. But there is an old adage saying to never short a dull market. We'll stick to the techncials and right now there isn't a clear signal with regards to the SPY. We'll check the charts this weekend and take it from there. Europe was higher and Asia lower to finish the week. It's Friday afternoon and time for a break.

A bit of volatility returned as the Dow fell 110 points on light volume. We opened with a gap to the downside and then moved back up until when there was 2 hours left in the trading day. Then we had a huge sell off only to rebound again in the final half hour. The advance/declines were shy of 2 to 1 negative. The summation index is starting to congest. The NASDAQ led the way lower. The short term indicators for the S&P 500 are finally starting to roll over. They are still overbought but coming off of higher levels. I do not think that this is the beginning of some kind of extended downside correction. But I've been wrong before. Gold rose $7 on the futures. The US dollar was a bit lower and interest rates dipped too. The XAU and GDX had minimal slight fractional moves lower on very light volume. I did not try the GDX April calls again with 2 days left in the April option cycle. We are moving out to the May GDX calls for the next possible trade there. Mentally I'm feeling OK. The VIX was higher today and that fits with a down market. The short term indicators here are now coming off of the extreme oversold levels. It doesn't mean that a big decline is in the cards because we are well below the level of 20. I'm still looking for the 4200 level on the S&P 500 before we take a different view of where we're going. Asia was generally higher and Europe was down. We'll see about expiration Friday tomorrow.

It was still just another day of hanging around as the market opened lower, made it all the way back and then some only to fall back again in the final half hour. The Dow fell 79 points on light volume. The advance/declines were slightly negative. The summation index continues up. Most of the major indexes finished little changed. The S&P 500 remains short term overbought as if it were in an endless loop. So far option expiration week has been a big yawn. I'm expecting higher prices as we have yet to reach the target of 4200 on the S&P. Volatility is low and the trading is lackluster. Gold was off a dozen on the futures. The US dollar was a bit higher along with interest rates. The XAU was off 2 7/8, while GDX shed 1/2. Volume was a bit above average. I did place another order for the GDX April calls but it wasn't filled. I adjusted it a couple of times during the day because I thought that this idea still might work. However the short term indicators on the daily chart for GDX have rolled over and are not yet oversold. But we have shorter time frames that we look at and some of those are indicating a bounce possible there in the next 2 days. Perhaps if GDX is lower on the open we'll try the calls for a very short term trade. But the risk may not be worth the reward. We'll see. Mentally I'm feeling OK. The VIX is still lower today and remains extremely short term oversold. The RSI is around 34 1/2. We are not going to be able to base a trade on that in the April option timeframe. The premiums for May will be inflated with so much time remaining there. So we may just have to pass on the trade based on the RSI for the VIX. Looks like we'll be remaining on the sidelines for now. Asia was lower and Europe higher in last nights trade. We'll keep an eye on tonights headlines.

We had a gap to the upside to start things off. Then the market sold off into negative territory and spent the rest of the session going sideways. It can't seem to make up its mind. The Dow lost ten points on light volume. The advance/declines were negative. The summation index continues to the upside. All the major indices finished with slight moves either way. The S&P 500 is still short term overbought. It doesn't look like we'll be making a trade this week there. Gold was up $10 on the futures. The US dollar was lower and interest rates were steady. Both the XAU and GDX had fractional gains on light volume. I did place an overnight order for the GDX April calls but it wasn't filled. Might try again tomorrow but we are really running out of time for this idea. Mentally I'm feeling OK. The VIX was lower again today and the short term oversold condition persists. It doesn not look like the RSI here will make it down to our target of 30 in order to attempt the SPY April puts. So it looks like we'll remain on the sidelines until the next option cycle unless we try the GDX calls with three days to go. Asia was mixed and Europe higher overnight. We'll see how it goes tomorrow.

Some back and forth today but the final 2 hours saw an advance as the Dow gained 100 points on light volume. The advance/declines were positive. The summation index is moving up. The S&P 500 continues its short term overbought condition. We're still looking for a trade in the SPY this week but have come up empty so far. Some economic data due out this week but nothing that is expected to be a big market mover. Earnings will continue to be the focus in our view. My guess would be that the positive option expiration bias takes effect and we'll see higher prices going forward to Friday. But with the overbought condition a drop could appear out of nowhere. It looks like we'll be on the sidelines with respect to the SPY. Gold was off eight bucks on the futures. The US dollar was higher again along with interest rates. The XAU lost 3 1/4 and GDX shed 3/4. Volume was average. The short term indicators for GDX have turned down and they have plenty of room to go lower. That said, we still might try the GDX April calls with only 4 days left to go in the April option cycle. Those that missed the recent run up in the gold shares might be looking to jump in on this slight decline. Or this could be the beginning of a move back to the 50 day moving average which GDX is still pretty far from reaching. I'll have to look at the shorter term technicals tonight and see if a trade is the right thing to do here. The risk would be very high either way. Mentally I'm feeling OK. The VIX was lower today and closed below 17. It remains very short term oversold. The RSI on the daily chart is at 36 1/2 and I don't know if it will make it down to 30 this week. Plenty to consider overnight as we try and decide if a trade is worth the risk this week or should we simply wait for better opportunities. Asia up and Europe down to start the week. We'll keep an eye on tonights headlines.

A one day reversal to the downside as the market opened higher and closed lower. The Dow fell 143 points on light volume. The advance/declines were around 2 to 1 negative. The summation index is moving up. The economic data was mixed with retail sales coming in lighter than expected. Bank earnings were in line or better than anticipated but after a breif early rally in stocks, sellers took over. The market did however finish well off of the lows for the day though. The S&P 500 remains short term overbought. It's hard to make a case for trying anything with the SPY considerign there's only a week to go and no clear signal. If we do try anything it will have to be very short term in nature. However the short term trades are not really my strength so perhaps caution will be advised. Gold dropped $35 on the futures. The US dollar was higher along with interest rates. The XAU fell over 2 3/4, while GDX lost 3/4. Volume was good to the downside but the gold shares came back well off of their lows for the session. Still short term overbought here as well. Yes I'd still like to try the gold share calls but we are running out of time in the April option cycle. We'll consider what to do over the weekend. Mentally I'm feeling OK. The VIX was lower today and that doesn't fit with a down market. Not sure what the story is here. Still short term oversold which has been the persistent condition. Firmly below the 18 level now on the VIX with the RSI at 37. Maybe we'll get to 30 on the RSI next week but will there be enough time to try the SPY April put trade? The VIX still projects higher stock prices going forward. It was a positive week for stocks as all the major averages posted gains. The only caveat here is that the volume wasn't robust. We'll see if that means anything going forward. There are always many questions without easy answers in this game. We'll go over the charts in the next couple of days and try to come up with a game plan for a trade next week. Europe and Asia posted gains to close out the trading week. It's Friday afternoon and time for a break.

Off we go to the upside as the Dow gained 383 points on light volume. The advance/declines were better than 2 to 1 positive. The summation index is moving up. Producer prices came in tame and it was a rally from the start. The NASDAQ led the way. It appears that prices now will probably run up into option expiration next week. Perhaps 4200 will be in the cards for the S&P 500. It does remain short term overbought but that may not deter things from going higher. The S&P has been overbought for about 3 weeks. Only six days left in the April option cycle and a trade in SPY looks less likely at this point. Gold rallied $30 on the futures. The US dollar was lower and interest rates were up a bit. The XAU climbed 4 points, while GDX added about a point. Volume was good to the upside as there are no sellers for now. The gold shares remain extremely overbought and now are pretty far from their 50 day moving average. I canceled my open order for the GDX April calls as it was nowhere near to getting filled. It has been quite a move in gold and the gold shares and I missed it. I'm not sure how much longer it can go on but we'll be buyers on any pullback if it can get short term oversold. Mentally I'm feeling OK. The VIX dropped today and closed below the 18 level. It dropped lower out of the recent congestion and that implies higher prices yet to come. Remaining short term oversold here. One possible trade before expiration next week would be the SPY April puts if the RSI on the daily VIX hits 30. It is currently 39 and change. Not sure that it will reach that level but we'll keep an eye on it. Retail sales data out tomorrow and some earnings start to trickle in. So the market will have excuses to move. Asia and Europe were higher overnight. We'll close out the trading week tomorrow.

It was another back and forth session as the Dow dropped 38 points on light volume. The advance/declines were slightly negative. The summation index is moving up. We waited for the inflation data to show up and there were no surprises. Producer prices out tomorrow. The NASDAQ was the leader heading lower. The short term indicators there have now rolled over. Despite todays drop the S&P 500 remains short term overbought. It has been traveling sideways for a week and a half. We would like to try a SPY trade in the April option cycle but have yet to receive a decent signal one way or the other. I'll try not to press things here just for the sake of making a trade. Gold was up ten bucks on the futures. The US dollar was lower and interest rates remained steady. The XAU rose 1 1/4, while GDX added 1/3. Volume was light. I did place an open order overnight for the GDX April calls. It wasn't filled and it will take some decline in GDX for that to happen. I'm leaving the order out there for now. GDX continues to be short term overbought and has been for over 4 weeks. This won't last forever. Mentally I'm feeling OK. The VIX finished about where it started today. It's still below the 20 level and in a sideways channel. Also still short term oversold. I don't know what to expect here next. Stocks seem to still be waiting for some kind of catalyst to get them going up or down. I'm not sure what that would be or where it will come from. We'll stick with trying some kind of gold share call trade for now as money continues to find a home there. Europe and Asia were higher with the exception of the Hang Seng. We'll keep an eye on the overnight headlines.

Mixed is the best way to descibe todays price action although things were looking pretty positive until the final half hour. The Dow gained 98 points on light volume. The advance/declines were around 3 to 1 positive. The summation index continues higher. We were looking at gains all around the stock indices but sellers took over in the final half hour. The NASDAQ posted a loss and the S&P finished little changed.. The S&P 500 remains short term overbought. I still think that we'll get to 4200 on the S&P before we see the end of this rally but I could be wrong. Tomorrows inflation data should prvide the catalyst one way or the other. Not sure exactly what to expect there. We're still looking for some kind of SPY trade before option expiration next week. Gold was back up $15 on the futures. The US dollar was lower and interest rates held steady. The XAU gained 1 2/3, while GDX added 5/8. Volume was light for what we've seen here lately. I may put in an order overnight for the GDX April calls in case we get a sell off early in the morning. GDX remains short term overbought. Mentally I'm feeling OK. The VIX was up a touch today, remains short term oversold and I don't know what to expect here next. Still below the 20 level and that's a plus for the bulls. Where we go next will depend on the reaction to tomorrows data. Europe and Asia finished higher overnight. We'll keep an eye on tonights developments and see what the inflation data has in store for us tomorrow.

An early sell off was met with buying for the rest of the session as the Dow gained 101 points on light volume. The advance/declines were shy of 2 to 1 positive. The summation index is still moving to the upside. We did get a signal on Friday from the McClellan oscillator for a big move within the next two days. We'll see if that pans out tomorrow. The NASDAQ and the S&P 500 finished about where thay started. Both remain short term overbought. Waiting on the inflation data due out on Wednesday and Thursday. Earnings season will begin on Friday with some of the major banks. So there will be plenty of reasons for stocks to move around this week. We still like the market to progress higher and look for 4200 on the S&P. Gold dropped $20 on the futures. The US dollar was higher and interest rates ticked up. The XAU fell 1 1/3, while GDX shed 3/8. Volume was light. GDX remains short term overbought. We're still considering the GDX April calls but are hesitiant to put on that trade due to the sustained overbought condition. If GDX makes it back to the 33 level we may give the calls a shot. Mentally I'm feeling OK. The VIX was higher which doesn't fit with an up or sideways market day which we saw today. Still pretty oversold on a daily bais here. However the daily candlestcik chart here still looks like it implies lower readings for the VIX going forward. Never any easy going in this game. Less than 2 weeks now left in the April option cycle. We will be looking to put on some type of trade either in SPY or GDX. Most of the foreign markets were still on holiday last night. What were open finished mixed. We'll see how it goes tomorrow.

Just hanging around before a long weekend as the Dow rose a couple of points on light volume. The advance/declines were slightly positive. The summation index is still moving up. Both the NASDAQ and S&P 500 were higher today as well. They also both remain short term overbought. Waiting on tomorrows jobs report and there isn't much else to say but that. We will just have to wait and see how it goes on Monday morning. Gold was off a dozen on the futures today. The US dollar finished little changed as did interest rates. It is a waiting game here as well. The XAU and GDX had slight fractional gains on pretty light volume. The overbought extremes continue for the gold shares. We still are hoping for some type of pullback during the April option cycle here but if not we'll move on. All the players should be back at their desks on Monday. Mentally I'm feeling OK. The VIX was lower today and is getting to support at the 18 level. If it can get through there the rally will have even more legs. Still remaining very short term oversold on the VIX but that can last for a while in uptrends. My guess remains that the S&P will make it up to 4200. Our open order for the natural gas ETF BOIL was filled today. This is an idea that we plan on holding for less than a year. If and when we see a move higher and the indicators get overbought, we'll be out. However this isn't a fast moving instrument and the possibility of holding on for months isn't out of the question. It could be a buy in the spring, sell in the winter kind of deal. We'll be keeping an eye on it and be ready to take the loss if it simply continues to drop. It is our first endeavor with a leveraged ETF so we'll see. Europe was up and Asia mixed overnight. A long weekend is upon us. We'll go over the charts, enjoy the extra day off and get ready for next week.

Another mixed bag as the Dow was up while the overall market struggled. The most watched index gained 80 points on light volume. The advance/declines were shy of 2 to 1 negative. The summation index is still moving up. The NASDAQ led the way down for most of the indices. The S&P 500 remains short term overbought despite a couple of down days. It feels as though stocks are just hanging around and waiting for the next catalyst. Or perhaps it's just a holiday week feel as the markets will be closed on Friday. Whatever the case we will remain patient for now and look to put on a trade next week after we get the jobs report out of the way. Plenty of time in the April option cycle to make something happen. Gold was flat on the session. The US dollar was higher and interest rates were slightly lower. The XAU and GDX had slight fractional gains on good volume. Waiting on some kind of pullback here as both gold and the gold shares are extremely overbought. It will be risky to try the calls but that is the plan for now. Mentally I'm feeling OK. The VIX finished barely higher today and remains short term oversold. The daily chart still looks like it wants to go lower. We are in a waiting game at the moment. One trading day left this week tomorrow and I'm pretty sure that we will just let it pass. We won't try and force things here but try and let the markets tell us where we go next. Having patience isn't the easiest thing in the world sometimes but it is necessary in the game. So we'll simply stay on the sidelines until next week. Europe and Asia finished mixed. We'll keep an eye on the overnight headlines.

Some selling today and that wasn't unexpected as the Dow fell 198 points on average volume. The advance/declines were better than 2 to 1 negative. The summation index is moving up. We were due for some give back and saw some today. We don't think it's the beginning of any kind of sustained downside activity. The S&P 500 does remain short term overbought along with the Dow and the NASDAQ. But as we've said before, in rallies the markets simply stay overbought. We still expect higher prices going forward. Gold took off today and gained almost forty bucks on the futures. The US dollar continued its slide and interest rates were lower. The XAU jumped 4 1/3, while GDX was up over a point. Volume was heavy to the upside. I did place another order for the GDX April calls but then canceled it. There is no doubt that the gold shares are heading higher but I have to at least wait until they pull back before trying to trade them now. Obviously the best opportunities here have passed us by. But with GDX going straight through the 33 level without hesitation tells us there is more room to run. We will look to try the calls on a pullback to 33. The short term indicators here are extremely overbought. GDX is also moving pretty far away from its 50 day moving average. So trying the calls here may not be the best move in the world but the momentum is strong. We'll try and figure things out as we move forward. Mentally I'm feeling OK. The VIX was up today but finished well off the highs of the session. It remains short term oversold but the daily candlestick chart appears to look like it wants to go lower. Still below the 20 level here. We saw selling in the market today and the question is whether it will be the start of some actual downside or just a sideways pause to take a breather. I'm inclined to believe the latter. Asia was generally higher and Europe mixed overnight. Halfway through the trading week and we'll see how it goes tomorrow.

A mixed bag to start the week but the Dow gained 327 points on average volume. The advance/declines were slightly positive. The summation index is moving up. The NASDAQ posted a loss along with the TRAN. The S&P 500 was up and the technical condition there remains the same. Short term overbought. Plenty of data out this week with Fridays jobs report the most anticipated. However Friday is also a holiday so we will have to wait out the long weekend to see the market response. For now the trend is up until further notice. We still believe any decline can be bought successfully. Gold was up $15 on the futures. The US dollar was lower along with interest rates. The XAU was up 2 1/4, while GDX gained 3/4. Volume was good. The gold shares continue to plow higher despite being overbought for weeks. We still would like to try the GDX April calls but haven't taken the chance. It is hard to get long a trade when it is already overbought but in rallies that condition just keeps on going. It will end at some point and sometimes I get the feeling that point will be the moment you put on the call trade. However money continues to find a home in gold and I don't see anything to change that narrative right now. GDX is at some resistance now at the 33 level so perhaps we'll get a pause to try the April calls. Mentally I'm feeling OK. The VIX was a bit lower today and that fits with most of the market being up. Very short term oversold now so I would expect to see some type of decline in stocks this week. Not anything that would change the overall bullish scenario though. We'll see. Asia and Europe were higher to start the week with the exception of the DAX. We are considering a trade in natural gas as it has been hammered down to levels that we think are worth taking a risk on the long side. We are looking at a leveraged instrument, BOIL, which is an ETF not an option. We do have an order in for it if the price gets down to where we'd like to purchase. I haven't traded this product before but it does appear to have enough liquidity to give it a try. Unlike the option trades, there are not deadlines for selling it once purchased. However for us this is a trading vehicle and not something to be held on to for more than a year. We'll be keeping an eye on it and let you know if our order gets filled. As always we'll keep watch on tonights trading activity.

Yesterday saw the inflation data come in weaker than expected which led to a broad rally. The Dow was up over 400 points and the NASDAQ continues to lead the way. The summation index is moving higher and we'll take our cues from there. Declines can be used to get long in our opinion. Gold fell back a little bit. We have a shortened trading week on tap with the Good Friday holiday. I'm feeling better and should be back to normal on Monday. Enjoy the weekend.

Feeling ill today will hopefully get to the blog over the weekend.

The beat goes on as the Dow rose 141 points on light volume. The advance/declines were 2 to 1 positive. The summation index is moving up. The NASDAQ continues to outperform. We're going higher and now declines can be used to get long. The S&P 500 is short term overbought but that shouldn't stop things from going higher. Inflation data out tomorrow and it should be a market mover. Also the end of the month and quarter so there might be some gyrations during the session. We are still looking at the S&P to get up to 4200 during this run. Gold was up over $30 on the futures. The US dollar was lower and interest rates were little changed again. The XAU was up 2 points while GDX gained 1/2. Volume was light. Remaining short term overbought for the gold shares as well. Waiting for a pullback here to perhaps get my open order for the GDX April calls filled. Volume is getting lighter now for the gold shares so perhaps this move higher is about to stall. Mentally I'm feeling OK. The VIX was just a bit lower today. Pretty oversold on the short term indicators. The daily candlestick chart here appears to want to go lower. Below the 20 level on the VIX and that's a plus for the bulls. We'll get the inflation data in the morning and go from there. Not sure what to expect. But the tone of the market has changed from panic to buying and the summation index is moving up. We won't try and fight that. Europe and Asia were up with the exception of Japan. We'll close out the trading week tomorrow.

Moving on up as the Dow gained 323 points on light volume. We had a gap at the open and continued higher from there. The advance/declines were shy of 4 to 1 positive. The summation index is now moving up. It got down to the zero line and has turned around. Expect higher stock prices until further notice. The NASDAQ remains the outperformer and that's a plus. The S&P 500 is getting short term overbought but in rallies it will stay that way. I think we're on our way back up to 4200 but we'll see. We will look to find some SPY April calls to purchase if we get some weakness. Waiting on Fridays inflation data. Gold dropped almost ten bucks on the futures. The US dollar was up and interest rates were little changed. The XAU and GDX had fractional losses on light volume. GDX remains short term overbought. My open order for the April calls is still out there. A rally in stocks could dampen the demand for haven assets. We'll keep an eye on things as usual. Mentally I'm feeling OK. The VIX dropped again today and is now solidly below the 20 level. This should also provide more evidence for a rally in equities. The VIX is now short term oversold but can stay that way during upswings. Unless we get some kind of negative headline out of the blue, we'll be looking for the rally to continue. The technical evidence leads us this way. Now it could all change with a negative surprise from the inflation numbers on Friday but I don't think so. Europe and Asia were higher last night. We'll keep an eye on tonights developments.

Hanging around is how I'd describe things as the Dow lost 37 points on light volume. The advance/declines were positive. The summation index is trying to turn back up again. Whether or not it's successful will determine the markets direction. I'm still a believer that we are going to head higher. The NASDAQ led the way down today but the losses were small. Volatility is muted at the moment. Not sure if the market is on spring break or if traders are just waiting for March to end. The technical picture for the S&P is more short term overbought but not excessively so. We're just waiting for a catalyst one way or the other. Perhaps Fridays inflation report will do the trick. Gold bounced back twenty bucks today on the futures. The US dollar continues lower and interest rates were up a bit. The XAU gained 3 points, while GDX added 3/4. Volume was average. Seems like that there is no stopping the gold shares. I do have another open order out there for the April GDX calls but it will take some decline in GDX to get filled. Still short term overbought on GDX and staying that way. Perhaps we'll get a move back towards the break out from the down trend line at 31. Or not. Money continues to flow into gold and the gold shares and I don't see any reason to think that it will stop anytime soon. But it will eventually. Mentally I'm feeling OK. The VIX was lower today and it remains short term oversold. It did close below 20. It looks like it wants to go lower which would support higher stock prices. However right now we will have to remain patient and wait for some kind of trading set-up one way or the other. Option premiums remain elevated with plenty of time left for the April option cycle. Asia and Europe were positive last night. We'll see how it goes tomorrow.

Continuing to move higher as the Dow gained 194 points on lighter volume. The advance/declines were 3 to 1 positive. The summation index is again trying to turn around. The Dow was the leader today as the NASDAQ posted a loss. Not the most bullish scenario but we'll take it. Some economic data out this week but the market will be waiting for the inflation numbers due out on Friday. To me it's a market that is waiting to break out one way or the other and still can't make up it's mind. If the summation index can get going to the upside, we'll see higher prices. Hasn't happened yet. Not SPY trades in mind at the moment. Gold was off $25 on the futures as the negative RSI divergence there was valid. Not sure how long it will last. The US dollar was lower and interest rates were up. The XAU and GDX finished little changed after being lower to start the day. Volume was pretty light from what we've seen lately. The gold shares did not follow gold lower and that is a plus for the bulls. We still like the GDX April calls if we can find a spot to purchase them. GDX does remain short term overbought though. Mentally I'm feeling OK. The VIX was lower today. the short term indicators here are getting oversold but not completely there yet. The daily candlestick chart sure looks like it wants to go lower but the VIX remains above the 20 level. Asia was mixed and Europe higher to start the week. We'll watch the overnight developments and take it from there.

A one day reversal to the upside to close out the week as the Dow gained 132 points on good volume. The advance/declines were positive. The summation index continues down. It has now passed through the zero line but we aren't seeing a market collapse. That is telling me that things should turn around here and head higher. When the technical conditions are present for something to happen and it doesn't, that tells you something too. The fact that we are just hanging around here and not dropping says higher prices are in the future. Markets that drop simply go down, they don't meander around as we have despite the volatility. Most of the short term technical indicators for the S&P 500 remain stuck at mid-range. Still waiting for them to turn one way or the other. The NASDAQ did lag today. We'll think about the SPY April calls over the weekend. Gold dropped $15 on the futures. The US dollar was higher and interest rates finished little changed. The XAU rose 1 3/8, while GDX added 1/4. Volume remains good here. Gold lower and the gold shares higher is a positive sign. The gold shares remain short term overbought. I'm still considering the GDX April calls if we get some type of pullback. However if the overall market does start to rally, the flight to safety trade will wane. GDX did close above the down trend line that had been in place for the past year. There is a potential negative RSI divergence on the daily gold chart which we will keep an eye on. Mentally I'm feeling OK. The VIX was lower today. The daily candlestick chart here looks like it implies a lower VIX which would in turn lead to higher stock prices. But I'm not going to say that is going to happen next here. I haven't been able to figure out the VIX for quite a while. So I'll keep an eye on it but look for clues elsewhere as to where we are going. As I've already said, I think stock prices are moving higher from here. We'll go over all the charts this weekend as usual. Europe and Asia were both lower on Friday to close out the week. It's Friday afternoon and time for a break.

It was one of those crazy sessions today as the Dow was up almost 500 points early only to give it all back and go negative with about an hour to go. Buyers then stepped in as it gained 75 points on heavy volume. The advance/declines were almost 2 to 1 negative. The summation index has made it down through the zero line but we really haven't fallen apart yet. I'm still guessing that things will hold up here. The NASDAQ is still outperforming the major averages and that's a plus. If it happens to roll over here, then we'll see some carnage. Again, I don't think that will be the case. There is just too much bearish sentiment at the moment. The short term technical indicators for the S&P 500 are stuck at mid-range. Whichever way they go will determine the markets near term direction. One thing that's obvious is the pick up in volatility which is generally a negative sign for the market. I don't have any SPY trades that I'm considering right now. Gold rallied again as the futures were up almost fifty bucks. The US dollar was up a bit and interest rates continued to drop. The XAU gained 2 1/3, while GDX added 3/4. Volume was good. GDX has just broken through the short term down trend line at 31. It now appears that the drop earlier this week in gold was a snapback to the breakout from the long term resistance because it has taken off ever since. The bearish candlestick pattern on the daily charts of both gold and the gold shares did not pan out. We will be buyers of the GDX April calls if we get some weakness in the coming days. Money is flocking to gold and you cannot ignore that. It appears new all time highs for the precious metal will be happening soon. I do not like to chase moves but will make an exception this time around. Mentally I'm feeling OK. The VIX was just a bit higher today after bouncing all around. I can't seem to figure this indicator out lately. Still above the 20 level here. It has been a pretty volatile week for the stock indices so far but the S&P 500 is just about where it started. We'll have to see where we finish tomorrow. Asia was mixed and Europe generally lower overnight. We'll see what Friday has in store for us.

We've got the Fed decision out of the way but after briefly rising on the news of a 1/4 point hike the market sank. The Dow fell 530 points on good volume. The advance/declines were 3 to 1 negative. The summation index is heading lower after trying to turn itself around at the zero line. Will things now just fall apart as usual at the zero line? We'll know by the close on Friday but I'm wondering if today was just a one day wonder. There sure is plenty of bearishness around. But the market will let us know in the coming days. The short term indicators for the S&P 500 are back to mid-range and rolling over. So you certainly could make a bearish case going forward. The Russell 2000 has been oversold for weeks and just printed a long dark candle on its daily chart. I suppose if the tech sector starts to sell off we could see another leg down for the S&P. Hasn't happened yet. Gold rallied $30 on the futures. The US dollar was lower and interest rates dropped for the bond market. Looks like the flight to safety trade is still alive with the action in gold and bonds. The XAU rose 1 3/4, while GDX was up 1/2. Volume was good. I did place an order overnight for the GDX April calls but it wasn't filled. GDX is short term overbought on some of its indicators and I don't usually like to trade the calls in that situation. Not to mention the bearish candlestick pattern on the daily chart. I do think however that we are in a very precarious market environment in which gold and gold shares could remain overbought for an extended period. I could be wrong. Mentally I'm feeling OK. The VIX was up a bit today but not as much as a down 500 market would indicate. Not sure what happens next with the VIX although it looks like a hammer on the daily candlestick chart here. That would imply lower prices and more volatility tomorrow. We'll see. So now with the Fed out of the way, what's next? A couple of economic reports left to see this week but nothing major. I guess we'll see if we get any follow through selling tomorrow. Europe and Asia were higher last night. We'll see if they mirror the US market lower overnight.

More upside as we wait for the Fed as the Dow climbed 316 points on heavy volume. The advance/declines were shy of 4 to 1 positive. The summation index is trying to turn around again, this time at the zero line. We expect the market to hold in here. The S&P 500 got through and closed above the short term down trend line that was in place. It did stop just below the 50 day moving average though. Our posture is that the market got sold out with all the bad news recently. Combine that with the extreme oversold readings that we saw on some indicators and it's a recipe for higher prices. Now that could all change tomorrow on the reaction to whatever the Fed does but we think that higher prices are in the markets future. The short term indicators for the S&P are pointing up and have room to move higher. If the summation index turns back up, that is all the evidence that you need. So we'll see where we go from here. Gold got clobbered today as the futures shed $40. The US dollar finished little changed and interest rates rose. The XAU lost 4 1/8, while GDX dropped 1 1/8. Volume was good to the downside. Gold and the gold shares now share the same bearish candlestick pattern on their daily charts which implies lower prices to come. Either the recent break out on the long term chart for gold was false or what we are seeing now is the snapback to that breakout. With the daily chart for the gold shares in a bearish configuration, I'm inclined to think we just saw a false breakout despite the good volume. We'll know more by the end of the week but I am still interested in the GDX April calls. Mentally I'm feeling OK. The VIX was lower today and the short term indicators are trending down. This seems to imply higher stock prices going forward. Still above the 20 level here. The market is acting as though all the banking problems are behind us and it's full steam ahead. We'll only know as time goes on. Now it is just a matter of getting through whatever the Fed has in store for us and the market reaction to that. Should be interesting to say the least. Europe and Asia were up with the exception of Japan. We'll see what tomorrow brings.

Trying to stabalize here for Fed week as the Dow gained 382 points on heavy volume. The advance/declines were positive. The summation index is still moving down and has reached the zero line. It's the moment of truth for this indicator. Either the market turns around here or it goes into freefall. My guess is that we'll start to head higher but nobody knows for sure. The NASDAQ was the laggard today. The short term indicators for the S&P 500 remain as mid-range. The major stock indices are very mixed on a technical basis. Some are short term overbought, some oversold and the rest stuck in the middle. We are also in a headline driven environment which is tough to predict. Also just rolled into the April option cycle with an extra week on the options. So we have our work cut out for us. Gold was up ten bucks on the futures as money continues to pour in here. The US dollar was lower and interest rates ticked up. The XAU rose 1 3/4, while GDX was up 1/2. Volume was good. Remaining short term overbought on the gold shares. I am trying to wait for some kind of pullback before attempting the GDX April calls. GDX is right at the short term down trend line at 31. We'll probably wait for golds reaction to the Fed on Wednesday before doing anything but who knows? Mentally I'm feeling OK. The VIX was lower today as it continues the recent pattern of being up one day and down the next. So the market should be down tomorrow if that holds. Mid-range on the short term technical indicators here. Not sure what's next for the VIX. I suppose it's just a Fed waiting game for now unless another bank fails tomorrow. Asia was lower and Europe higher to begin the trading week. We'll keep an eye on the overnight headlines.

Sellers returned for option expiration as the Dow fell 384 points on expiration heavy volume. The advance/declines were 5 to 1 negative. The summation index continues lower. Confidence in the US banking system is wavering despite the manuvers of government officials. In my mind it will all be sorted out but that doesn't mean that we won't see any more panic. I still think that the market is trying to form some kind of bottom here but I've been wrong before. I don't see the NASDAQ falling apart as usual during rough declines so I'm inclined to not think the worst here. The short term indicators for the S&P 500 remain mid-range. There is a short term down trend line in effect there though. We'll get the Fed announcement next week and that should be quite a volatile session. But that's not until Wednesday which seems pretty far from here. Gold exploded to the upside as the futures climbed sixty bucks today. Fear has taken over as the flight to safety trade is front and center. The US dollar dropped along with interest rates. The XAU rallied 5 3/4, while GDX was up 1 3/8. Volume was extremely heavy. There is a down trend line for GDX at the 31 level that's a year old. We are almost there but I'd expect things to stall before getting through there. Hopefully that will give us another chance at the GDX calls for April. Gold itself has now closed above a down trend line that had been in effect for over 2 years. Price and volume as always remain the keys and gold has now proven to be the choice of traders at least for now. The gold shares are short term overbought but may just stay that way. GDX may not get back to oversold for a while. We'll consider what plan to take over the weekend. Mentally I'm feeling OK. The VIX was back up today as it switches back and forth each session. Still mid-range for the short term indicators here. Not sure where things go next for the VIX here. Oversold now for most of the major indices but not the NASDAQ. Could it be that tech stocks are now considered a flight to safety as well? If they roll over here it will get ugly and the zero line on the summation index will be violated. That's the worst case scenario. Will the Fed do something on Wednesday to abate the fear? Well, stay tuned. Interesting times. We'll have plenty to ponder over this particular weekend. I'll be checking the charts as usual. Asia up and Europe down to end the week. It's Friday afternoon and time for a break.

Back to the upside today as the Dow climbed 372 points on heavy volume. The advance/declines were 3 to 1 positive. The summation index is still moving down. Volatility is the rule these days with big moves in both directions. My thinking here is that the market is trying to put in some kind of bottom. Once again the NASDAQ led the way and that's a plus for the bulls. The short term technical indicators for the S&P 500 are already back at mid-range. I did not attempt the SPY March calls today and that turned out to be another mistake. There was plenty of time early in the trading day to purchase them but I did not take the risk. After about an hour after the open the market started to rise and did not look back. Missed money is better than lost money so they say. But it sure doesn't feel that way. We'll be looking into the April option cycle going forward. Gold was off $7 on the futures. The US dollar was slightly lower and interest rates rose. The XAU and GDX had slight fractional losses on good volume. They both came back from the lows on the session. I still like the gold share calls looking out from here but would like to wait for them to get oversold again. We are looking at both the April and May options there. Mentally I'm feeling OK. The VIX was back down today and once again the daily candlestick chart here looks like it wants to go lower. The short term indicators are mid-range and have turned down. My guess again would be that the VIX declines and stocks go up but I thought that a couple of days ago too. The VIX remains above the 20 level. We may be waiting for the next bank implosion before heading lower but todays jump in stocks seems to say otherwise. Or maybe today was just some expiration related price action. We will only know for sure as time goes on. I'm thinking that things will turn higher here and that the summation index will not break down through the zero line. That's my best guess at the moment. Asia was down and Europe up overnight. We'll see how option expiration goes tomorrow.

Just another wild day on Wall street as the Dow fell 280 points on very heavy volume. The advance/declines were around 4 to 1 negative. The summation index continues to move lower and is approaching the zero line. If the summation index goes through there we'll really see things fall apart. Not sure that will happen though. Inflation data was weaker than expected and retail sales were negative. We did come up from the worst levels on the day and the NASDAQ actually posted a slight gain. The S&P 500 also came back from its lows. The short term indicators here have curled back over to the downside. We do have one indicator that is pointing to buying before the Friday expiration. It is roughly projecting the S&P to close around 3950 by Friday afternoon. Anything is possible in this game. Perhaps I'll give the SPY March calls a chance with only two days left but we'll see. My track record on the short term trades is pretty poor. Gold was up ten bucks on the futures but did fall back from the best levels on the session. The US dollar was higher and interest rates dropped. The XAU was off 1/2, while GDX finished flat. Volume remains solid here. The gold shares fell back from early gains. I did sell the GDX March call trade but it wasn't a good job there. I should have dumped them early but did not. The management of this trade was terrible but I was lucky that it didn't end up a huge loss. I would have like to have held on to it for another day but took what I could get. The gain was 70%. Some of the short term indicators for GDX are overbought so perhaps it is due for a rest. Plenty of room to run on the weekly indicators though. Mentally I'm feeling a bit tired. The VIX was higher again as this indicator has had a volatile last five days. The short term technical indicators here have turned back up. Seems like I'm still having a hard time figuring out the VIX. Just a few more economic reports this week but the main ones have already been digested. Oversold for the major averages but in declines they simply stay that way. Yesterdays price action just turned out to be an oversold bounce. Asia higher and Europe lower in last nights trade. We'll keep an eye on the overnight developments.

A bounce showed up today as the Dow gained 336 points on heavy volume. The advance/declines were 3 to 1 positive. The summation index continues lower. The overall market was much stronger than the Dow. Data from inflation came in where expected so their were no surprises. We had gotten pretty oversold on some of the techncial indicators so an up day was due. Where we go from here is the question. A one day wonder or perhaps the beginning of a meaningful bottom? Of course we won't know until some more time passes. The short term indicators for the S&P 500 have turned back up. We'll have to see if we get any follow through buying tomorrow. Producer prices along with retail sales will be the early focus. Not exactly sure what to expect. Gold dropped $9 on the futures. Some decline for the precious metal was not out of the question considering that it's come so far so fast. The US dollar ended little changed and interest rates rose. The XAU added 1 1/8, while GDX rose 1/4. Volume was average. Somehow I'm still holding on to the GDX March calls with only 3 days to go. Not completely short term overbought here yet and my target for GDX is 30 this week. Very risky to hold on though as a drop in the gold shares would wipe out whatever profit is still left in this trade. We'll see how it goes tomorrow. Mentally I'm feeling OK. The VIX was lower today and the short term indicators have now rolled over. The daily candlestick chart here looks like it implies lower readings on the VIX and therefore higher stock prices going forward. Still above the 20 level though. One day doesn't make a trend but at least the market stopped going down for a day. Much of the gains came in the final hour and that's usually a bullish development. But tomorrow is another day. Asia was down and Europe up overnight. We'll keep an eye on tonights headlines.

Volatility is the name of the game here as various markets are having huge moves as they worry about threats to the US banking system. The Dow fell 90 points on very heavy volume. The Dow rallied hard in the overnight market and then couldn't hold on to the gains. The advance/declines were better than 2 to 1 negative. The summation index is moving down. The McClellan oscillator is below minus 300. We are getting blown out to the downside. The S&P 500 remains short term oversold. The NASDAQ did manage to post a gain so maybe there is some hope for the bulls. We'll get the CPI report tomorrow and that will certainly have an impact early on. Not sure what to expect there but if it comes in hot expect more selling. However a weaker print there could send us into an oversold bounce. Or some news could come out of nowhere to move things as we are in a headline driven market at the moment. Gold soared as the futures gained fifty bucks. The US dollar was lower and interest rates had huge drops in a flight to safety frenzy. The XAU jumped 6 1/3, while GDX was up by 1 7/8. Volume was incredibly strong. The potential positive RSI divergence for GDX was validated. Well at least technical analysis still works. My GDX March calls had their own March miracle as they now show an actual profit. Of course it took the second largest bank failure in US history to make that happen. Probably should have just sold them today but I'll wait on the inflation data tomorrow to figure out what to do. The short term technical indicators for GDX have now turned up and they do have room to go higher. Price and volume moving in tandem is a positive event. Mentally I'm feeling OK. The VIX was higher and again finished well below its highest levels of the day. Getting short term overbought here but not there just yet. Well above the 20 level as volatility rules the markets for now. Not sure where the markets go from here but some kind of bounce is not out of the question. Markets know things that we don't and the price action in some of the instruments in the past couple of sessions is completely out of the ordinary. We can only wonder why for now. Caution is advised. Asia was mixed and Europe down to begin the week overseas. We'll see how it goes tomorrow.

New troubles for the market as it now frets over a couple of California banks going under. The Dow fell 345 points on heavy volume. The advance/declines were 6 to 1 negative. The summation index is moving down. The headline number for the jobs report was higher than expected but the underlying statistics were not as robust as predicted. An early sell off was met with a rally attempt. However that failed as the FDIC came in to take over in the California bank debacle. Obviously the fear is that there are more failures to come. Heavy selling to the downside is not a positive sign unless it is the final flush. Not sure that's what occured today. The S&P 500 remains short term oversold. It is now firmly below its 200 day moving average. The next area of support comes in at 3800. Gold rallied on fear today as the futures rose over $35. The US dollar was lower and interest rate yields plummeted. The gold shares initially jumped but then were sold off with the overall market. The XAU managed a gain of a point, while GDX added 1/2. Volume was heavy. The positive RSI divergence is still in place on the charts and would have been fulfilled today if the gold shares had managed to hold onto their gains. I do still have the GDX March call losing trade alive although I should have sold them this morning. Normally they would be worthless by now since they are far out of the money but the increase in volatility has given them life. Probably will hold on until Tuesdays inflation report at this point. Mentally I'm feeling OK. The VIX jumped again today and closed above its 200 day moving average. However it did finish well off of the highs for the session. The short term indicators have moved up but are not yet completely overbought. Plenty of fear and uncertainty out there at the moment. Margin calls ongoing to be sure. The weekly indicators for the S&P have plenty of room to move lower, so I'm not sure how far down we have to go. Option expiration week on tap as well. We'll go over the charts as usual this weekend and keep an eye on any new news developments too. Perhaps we'll look for a chance to play an oversold bounce in the S&P next week. Or not. We've still got the losing GDX call trade to book. Europe and Asia sold off into the weekend as the world markets try to figure out exactly what is going on. Basically it appears that a couple of banks made some losing bets and now have to face the music. The game treats all alike. It's Friday afternoon and time for a break.

The market got clobbered ahead of tomorrows employment report as the Dow fell 543 points on good volume. The advance/declines were 6 to 1 negative. The summation index is heading lower. The NASDAQ was the leader today and that is not a good sign for the bulls. It is as if the market knows ahead of time that the jobs numbers will not be favorable. The short term indicators for the S&P 500 have rolled back into oversold territory. The S&P is trying to hold on to its 200 day moving average. Stock markets have the feel of wanting to keep going lower here. The negative candlestick pattern on the S&P daily chart seems to be playing itself out. The lower summation index is telling the story. But we'll see what happens tomorrow. Gold rallied a bit as the futures rose around $15. That couldn't get the gold shares going as both the XAU and GDX had fractional losses again. Volume was average. The US dollar was lower along with interest rates. The potential positive RSI divergence for the gold shares is still in place. So is my losing GDX March call trade. Probably dump it tomorrow unless we see some extraordinary upside in GDX. The gold shares followed the market lower today despite the rise in gold itself. I should have been out of this idea long ago. Mentally I'm feeling a bit tired. The VIX jumped today and closed above 20. The short term technical indicators here have turned up with a vengeance. Not sure what it means but volatility has returned for now. There is no good reason to be holding calls right now but here I am. Europe and Asia were mostly lower again last night and I'd expect more of the same to finish the week. We'll get the market reaction to the jobs report and close out the trading week tomorrow.

More Fedspeak but less market reaction as the Dow fell 58 points on light volume. The advance/declines were slightly positive. The summation index is moving lower. The overall market was stronger than the Dow with the NASDAQ leading the way. We didn't see any downside follow through from yesterdays debacle in the overall market and that's a plus. But we still have to at least get through Fridays jobs report. Whether or not we sell off here in a meaningful way will be determined on Friday is my guess. We'll simply wait and see. Gold was off a buck or so on the futures. The US dollar was lower and interest rates held steady. The XAU and GDX had fractional losses on average volume. One of the GDX hourly charts that I use along with the daily chart of GDX are both showing a potential positive divergence on the RSI indicator. That is the only reason that I'm still holding on to the losing GDX March call trade. Now GDX could move lower and negate that signal. Or we'll see the gold shares move higher in the near term and perhaps I can cut the loss for this trade to not be a complete wipe out. We'll know by Friday morning one way or the other. The trade is already dead in my mind so a couple of more days won't affect things that much. Mentally I'm feeling OK. The VIX was lower today and remains short term oversold. My thinking is tha tomorrow will be a waiting game for stocks with most likely a downside bias. We'll see. Europe and Asia finished mixed. We'll keep an eye on tonights headlines.

Hawkish Fed comments sent the Dow reeling today as it lost 575 points on lighter volume. The advance/declines were around 4 to 1 negative. The summation index is back to moving lower. The Dow led the way down. The short term indicators for the S&P 500 have now rolled over or are about to. The daily candlestick chart here shows a bearish pattern which indicates yet lower values to come. We'll get more talk from the Fed chairman tomorrow before Fridays jobs report. It appears that the short term rally that we just saw is over. Gold got crushed today as well as the futures lost $35. The US dollar soared while short term rates went up and the longer term ones held steady. The XAU fell over 5 points and GDX lost almost 1 1/4. Volume was heavy. The short term indicators here have rolled over as well. My GDX March calls lost most of their value as I have held this trade for too long. Another mistake that could have and should have been avoided. The fundamental backdrop for gold is negative and I have no business trying the calls in that atmosphere. Yet I tried them anyway and even had a small profit at one point. We did see an oversold bounce for gold and the gold shares. That was my cue to exit the trade and I didn't. Mistakes are costly in the game and I just made another one. I'll sell and move on but the mental capital is always more important than the monetary capital. Two losing trades to start the new year is not where you want to be. Mentally I'm feeling negative as the GDX trade has blown up in my face. There's nobody to blame except myself. The highs are high and the lows are low in the trading game. The VIX was up today but remains short term oversold. It did manage to to stay below the 20 level. There's plenty of room to move up on the short term indicators. If that occurs we'll see quite a drop in the stock market. Hasn't happened yet and the VIX is still below its 50 day moving average so it's possible that today was just a one day decline. But a lot of the technical evidence is against that scenario. Asia was mixed and Europe lower overnight. My guess is that we'll see selling around the globe tonight. We'll see what tomorrow brings.

It was an up and then back down session as the Dow managed a gain of 40 points on light volume. The advance/declines were shy of 2 to 1 negative. The summation index is still moving lower. It was a mixed market with the NASDAQ showing a small loss. It seems like we're just waiting on the Fed comments tomorrow and Wednesday. I doubt that they'll be bullish, so I'd expect some type of pause or pullback before we get Fridays employment numbers. The short term indicators for the S&P 500 are mid-range so we could go either way here. If we do get a pullback my hope is that it doesn't turn into a rout. Gold was off a couple bucks on the futures. The US dollar was lower and interest rates ticked up. The XAU fell 2 1/8, while GDX shed over 1/2. Volume was pretty light. Gold barely moved lower but the gold shares got sold. That is not a positive. My GDX March calls went from showing a profit to showing a loss. Once again this appears to be another mismanaged trade that should have been sold on Friday. Last week gold was moving and the gold shares weren't keeping pace. What more do you need to see really? Sure there's a chance that this trade will work out but it will now have to be held longer than the original thinking. Not sure that will be a good idea either. Less than 2 weeks to go before the March option expiration. Mentally I'm feeling OK. The VIX was slightly higher today and is short term oversold. I would not be surprised to see the VIX higher tomorrow and stocks lower. Asia and Europe were genrally higher to start the week. We'll keep an eye on tonights developments.

Stocks took off to the upside today as the Dow gained 387 points on average volume. The advance/declines were better than 4 to 1 positive. The summation index is still moving lower but may be trying to turn around here. The NASDAQ led the way higher and that's a plus for the bulls. The S&P 500 was up sharply and is now above its 50 day moving average. The short term indicators here have turned back up and have plenty of room to move higher. It appears that we have started some type of rally here but we'll have to see just how long it lasts and how far it goes. We will know for sure once the summation index turns back up. Hasn't happened yet but it does have a chance after the past two positive sessions. Gold rallied as well with the futures up twenty bucks. The US dollar was lower and so were interest rates. The XAU was up almost 2 points, while GDX added nearly 1/2. Volume was light here though as it looks more like sellers have disappeared vs. buyers showing up in force. We would have liked to see better gains in the gold shares considering the move in gold itself. The short term indicators for GDX are moving up and still have room to go. My GDX March calls are showing a small profit. The recent rise for GDX hasn't exactly been robust so I'm not exactly sure how much I trust in prices for the gold shares moving much higher from here in the near term. I'll have to decide what to do with this trade over the weekend. Mentally I'm feeling OK. The VIX was lower today and that goes along with a good day for stocks. The short term indicators here are getting oversold but not completely so. It was a good week for the bulls. Next week we've got the Fed chairman speaking for a couple of days plus the employment report. So we'll have to see if this upswing can continue. We'll be going over the charts as usual this weekend to try and figure out what to do next. Europe and Asia were higher as well to close out the week. It's Friday afternoon and time for a break.

The Dow led the way higher today as it was up 341 points on average volume. The advance/declines were slightly positive. The summation index continues lower. It was a one day reversal to the upside for stocks as we opened lower and finished higher. The S&P 500 remains short term oversold. It did hold its 200 day moving average today. Still feels like a waiting game here. Gold was off $3 on the futures. The US dollar was higher along with interest rates. The XAU and GDX basically finished flat on the session. The volume was very light. The short term indicators for the gold shares have turned back up. For some reason I'm still holding on to the GDX March calls. They are showing a very small profit. Not sure what I'll do with them from here. Mentally I'm feeling a bit tired. The VIX was lower today and that fits the turnaround that we saw in stocks today. It closed below its 50 day moving average and the important 20 level. It does imply higher stock prices going forward but we'll have to see about that. Asia was lower and Europe higher overnight. We'll see if the market has any upside follow through as we close out the trading week tomorrow.

Another day of indecision as the Dow was up 5 points on average volume. The advance/declines were negative. The summation index is still moving down. The overall market was negative with the NASDAQ leading the way. The major stock indices remain short term oversold. The S&P 500 is trying to hold in at its 200 day moving average. However it has broken the longer term up trend line from October and can't seem to get any upside momentum. Short term oversold and staying that way is not a positive. Not sure where we go from here. Gold was up $7 on the futures. The US dollar was lower and interest rates higher. The XAU gained 3 1/4, while GDX added 5/8. Volume was heavy to the upside which is a new development here. The short term indicators for GDX are now sloping upwards. My GDX March calls are somehow showing a small profit. I don't know why I'm still holding on to them but greed comes to mind. The strong volume today is a plus and I may be holding on to this trade for longer than I thought. But we'll see. Mentally I'm feeling OK. The VIX was slightly lower today which doesn't match with an overall lower market. The short term indicators are still mid-range here. Stocks have been moving sideways with a lower bias for the past week or so. Remaining short term oversold and I certainly don't have a good idea where we go next. I'm encouraged by the move higher in the gold shares today but that doesn't mean things can't simply turn around tomorrow. The game is never easy. Asia was higher and Europe generally lower last night. We'll keep an eye on tonights headlines.

Lower in a quiet session as the Dow fell 232 points on end of the month heavy volume. The advance/declines were slightly negative. The summation index continues to travel down. The Dow was the relative under performer today. Stocks remain under pressure as there are no reasons to be bullish at the moment. The S&P 500 was lower and is still short term oversold. It closed at the low of the day. Not sure when things will turn around. February ended with a thud. Gold was up ten bucks on the futures. The US dollar was higher and interest rates were steady. The XAU was up almost a point while GDX added about 1/4. Volume continued light on this near term bounce for the gold shares. It is a very waek bounce to be sure. My GDX March calls are still losers and I probably should have just taken the loss today. The short term indicators for GDX have turned back up but without any type of conviction. I probably should be out of this trade this week because the calls I own are pretty far out of the money. Poor entry timing on my part. However the longer term buy signal that we got is finally starting to work but in a muted form. I suppose that is a byproduct of the lousy fundamental background here for gold. Mentally I'm feeling OK. The VIX was lower today and that doesn't fit a down market. The short term indicators here are mid-range and now look like they want to turn back up. That would be bearish for stocks if it occurs. Perhaps we'll get some buyers for the start of March tomorrow or just more of the same selling. Asia was mixed and Europe lower in last nights trade. We'll see how things go tomorrow.

An uneven start to the new week as the Dow rose 72 points on light volume. The advance/declines were positive. The summation index continues down. We had a gap higher to start the day and spent the rest of the session drifting off. The NASDAQ was the leader moving higher today but the lack of volume is a concern. Not to mention that weak Monday rallies are not the most convincing. The S&P 500 remains short term oversold and I wouldn't be surprised if we were lower tomorrow. I would be surprised if we somehow build on todays slight gains. End of the month tomorrow but I'm not sure what effect that will have on things. Gold was up $7 on the futures. The US dollar was lower and interest rates moved slightly down. The XAU and GDX had fractional gains on pretty light volume. The gold shares remain short term oversold. If this is the bounce we were looking for it can be descibed as anemic. There are no compelling reasons to be buying gold right now. My GDX March calls are still losers. Still hoping for a better bounce but hope is not a trading stategy. Will be looking to take the loss this week unless something out of the ordinary happens. Don't count on it. Mentally I'm feeling OK. The VIX was lower today but remains above the 20 level and above its 50 day moving average. The short term indicators are pointing down and are at mid-range. That would imply a lower VIX and higher stock prices going forward. However whatever I have thought about the VIX has been wrong lately so we'll just have to wait and see where it goes from here. Not a lot of economic reports due out this week. I suppose that we'll see if we get any of the beginning of the month positive money flows. Asia lower and Europe higher to begin the week. We'll keep an eye on the overnight developments.

Inflation data came in hot and the market sold off. The Dow fell 337 points on light volume. The advance/declines were better than 2 to 1 negative. The summation index continues lower. The NASDAQ was the leader on the way down again. The was a gap lower on the S&P at the open and then it traded sideways from there. The short term indicators on the S&P are oversold and staying that way. It appears that lower prices are in its future. The S&P 500 also closed below the 3975 up trend line but just barely. Things will probably just get worse from here. Gold was off $8 on the futures. The US dollar was higher along with interest rates. The XAU fell a point and GDX lost 1/3. Volume was average. My GDX March calls are now solid losers. The only reason that I'm still holding them is that they do have 3 weeks to go. The gold shares have remained short term oversold on some of the indicators for 3 weeks. This is not what usually happens. Our other signal that has only showed up 4 times in the last 3 years has even moved lower and is even more oversold. So although we expect some kind of upside for the gold shares here it will most likely not be an extended rally. The bounce is long overdue but markets can stay overbought or oversold longer than you can stay solvent sometimes. Obviously this was a trade that should have been avoided. The entry timing was off and the gold shares have absolutely no interest at the moment from traders or investors. Mentally I'm feeling OK. The VIX was up today but finished off from its best levels. Not sure where the VIX goes from here. Haven't had a good handle on what is going on here with the VIX for a while. We'll go over the charts this weekend as usual but the plan for now is to still hold the GDX call trade until we see some kind of bounce. Hoping at this point to cut the loss to something reasonable but perhaps should have bailed out today and simply moved on. Europe and Asia were lower with the exception of Japan. It's Friday afternoon and time for a break.

Stocks managed to move higher today as the Dow gained 108 points on light volume. The advance/declines were 2 to 1 positive. The summation index continues lower. We opened with a gap to the upside, then dropped to fresh new lows only to come back for the rest of the day and end in the plus. The NASDAQ led the way. The S&P 500 managed to hold the 3975 level for now. Tomorrow should tell us a lot. If we manage to build on todays gains the market might have a chance to hold in here. However if the inflation data comes in hot and we fall, then we'll most likely be in a prolonged decline. The market is short term oversold but today could have been the expected bounce. So we'll see what happens tomorrow and go from there. Gold lost $11 on the futures. The US dollar finished little changed and interest rates were mildly lower. The XAU dropped 1 1/4, while GDX shed 1/8. Volume was light. GDX remaining oversold here and not even getting a bounce is worrisome for my GDX March call trade. It is now showing a loss. GDX doesn't even have a hint of short covering or wanting to move higher despite the extremely oversold condition. Not sure what to make of it but it isn't the usual activity that we would expect. We'll see what transpires tomorrow but this trade could just blow up. Mentally I'm feeling OK. The VIX was lower today and back within the Bollinger bands. Its short term indicators have now rolled over. However that doesn't give us the all clear signal as the VIX remains above the 20 level and above its 50 day moving average. Asia was lower and Europe higher with the exception of the FTSE overnight. We'll see how the markets respond to tomorrows inflation data.

We saw continued selling today but not as drastic as on Tuesday. The Dow fell 84 points on average volume. The advance/declines were slightly positive. The summation index is moving down. Kind of a mixed bag as the NASDAQ posted a small gain. The S&P 500 is trying to stay above the longer term up trend line that began in October and its 50 day moving average. I'm not sure if it will be successful. Short term oversold here now so I would be looking for at least some kind of bounce but maybe not the beginning of a sustained move higher. We've got more inflation data due out on Friday and that will probably tell the story for where we are going. The tone of the market is negative at the moment. Gold dropped $8 on the futures. The US dollar was higher and interest rates were slightly lower. The XAU lost 2 1/4, while GDX was off 2/3. Volume was average. My open order for the GDX March calls was filled. They closed about where I purchased them. One of our longer term indicators for GDX is at a level that has produced a bounce or at least sideways movement when it has gotten as far oversold as it stands now. That is the primary basis for this trade. It should be a short term trade from here. NEM reports earnings tomorrow and that will influence GDX. I can't say I'm overly confident that this trade will work because the medium term indicators for GDX are not yet completely oversold. We'll see where it goes from here. Mentally I'm feeling OK. The VIX was lower today which doesn't fit a down market. The short term indicators for the VIX have stalled and are trying to roll over. Still above the 20 level here. Not sure what's next for the VIX. Europe and Asia were lower. We'll keep an eye on the overnight headlines.

The market got clobbered today coming in off of a long weekend. The Dow fell 697 points on average volume. The advance/declines were 7 to 1 negative. The summation index is heading down and we'll take our cues from there. The summation index was moving down when the S&P was trending sideways and in retrospect that was a clue. The NASDAQ led the way lower and that's a plus for the bears. The S&P 500 is short term oversold but some of the indicators have room to move lower. The up trend line that began last October is still intact there but now is in jeopardy. It comes in around 3975. Another day like today will take it out and then we'd see some real selling. Not sure if that will happen or not but my take on things lately has been wrong. Also not sure what would turn things positive in the near term so it may be a case of look out below. Gold was off $6 on the futures. The US dollar was higher along with interest rates. The XAU lost 1 1/4, while GDX shed about 1/3. Volume was light. I did place an order overnight for the GDX March calls but it wasn't filled. I'm leaving it open. I can't say that this is the best idea at the moment but one of the longer term indicators for GDX is almost at the point where we see a bounce or at least stop moving down. It has given 4 signals in the past 3 years and 75% of them saw a bounce. The other time the gold shares just moved sideways. We'll see if it gets filled. Mentally I'm feeling OK. The VIX spiked higher and is now above its upper Bollinger band. The short term indicators here are getting overbought but not completely just yet. Another day like today would do it. I'm not sure what to expect here. I suppose the question for tomorrow will be, will we see any buyers if the S&P hits that up trend line? Or will that just bring in more sellers as the rally that began last year is declared dead. The NYA has already broken that line. Always plenty of questions in this game. Europe and Asia were both lower to start the trading week. We'll see what tomorrow brings.

More selling in the broader market today but the Dow did manage a gain of 129 points on average volume. The advance/declines were negative. The summation index is moving lower. The overall market was weaker than the Dow again with the NASDAQ leading the way lower. The S&P 500 was down as well. The short term indicators here are pointing down and about at mid-range. The S&P did come up from the lows of the session but that may have been option expiration related. As we suspected there is no reason to get long in front of the long holiday weekend. Gold finished flat on the futures. The US dollar finished flat as well but interest rates ticked down to close the week. The XAU lost 1 2/3, while GDX shed 1/4. Volume was average. The gold shares came up from the lows of the session as well. Getting close to the 200 day moving average for GDX and the XAU bounced off of that level today. GDX remains short term oversold and staying there. Some indicators for GDX are at or approaching levels where we have at least seen a bounce before. However the fundamentals for gold remain negative at the moment. Mentally I'm feeling OK. The VIX was lower today which doesn't fit with the overall market lower. Not sure what's going on here. The short term indicators are mid-range. I don't have a good feel for this indicator right now. Plenty of work to do over the long weekend as we will try and come up with a game plan going forward. It will be a short trading week coming up. We booked our first trade for the year this week and it was negative. Putting that in the rear view mirror and moving on. Europe and Asia were lower to close out the week. It's Friday afternoon and time for a break.

Sellers took the upper hand today as the Dow fell 431 points on average volume. The advance/declines were around 3 to 1 negative. The summation index continues lower. The NASDAQ led the way down. My thesis of higher prices this week did not pan out. My ideas have been wrong lately and I will have to turn that around. My take on the technical indicators is off so we'll remain on the sidelines for now. The short term indicators for the S&P 500 have now turned back down and are mid-range. So far all in all it has been a sideways week for the S&P. Not the usual price action for options expiration week. I'm not sure what's in store next for the stock market. Gold finished up a couple bucks on the futures. The US dollar was a bit higher along with interest rates. The XAU and GDX finished little changed on light volume. They did come up from the lows of the session. GDX remains short term oversold which normally we'd be looking to get some GDX calls here. However after already failing with this idea via this weeks losing trade, we're remaining on the sidelines for now here too. There is a short term down trend line now in place on the daily chart for GDX. Mentally I'm feeling OK. The VIX spiked up today and closed above the 20 level. The short term indicators here have either turned back up or are now moving sideways. Not sure what this means going forward. A holiday weekend is upon us after we get through expiration Friday tomorrow. Not sure what to expect but can't anticipate much buying before a long weekend with the way this week has gone so far. Europe and Asia were higher overnight. We'll close out the week tomorrow.

Onca again the data came in stronger than expected and we had an early morning sell off. Then just like yesterday the market spent the rest of the session making it back up. The Dow rose 38 points on light volume. The advance/declines were positive. The summation index is still trending lower. The overall market was gain stronger than the Dow with the NASDAQ leading the way. As long as the small stcoks are in the lead I think that we are in store for higher prices. The short term indicators for the S&P 500 are moving sideways but trying to turn back up. We'll get some more inflation data tomorrow and that should get us going one way or the other once again. Only 2 days left in the February option cycle and ahead of a holiday weekend coming up. Gold lost $18 on the futures and closed below support at $1850. The US dollar was higher and interest rates were up slightly. The XAU fell 3 1/2, while GDX lost 7/8. Volume was average. The gold shares gapped down at the open and wiped out my GDX February calls. It was a 99% loss as this trade never got going the way we expected. GDX remains short term oversold and never got out of that condition as we thouhgt it would. Not a lot of money involved in this trade but starting the year with a loss is always disappointing. But you've got to move on. We will keep an eye on the gold shares but not expecting another trade there soon. Oversold and staying there is not positive. Mentally I'm feeling a bit down with a losing trade on the books. The short term trades can be big winners or big losers and we were on the losing side this time around. The VIX continued lower and that fits an up market. The short term indicators are heading lower and have more room to go down. I'm expecting higher stock prices into the close on Friday but we'll have to see the reaction to tomorrows inflation numbers. Asia was down and Europe up overnight. We'll see how it goes tomorrow.

It turned out to be a mixed bag on inflation day as the Dow fell 156 points on light volume. The advance/declines were slightly negative. The summation index is still moving down. Consumer prices came in a bit hotter than expected. The market sold off, came back with a rally and then sold off again only to rally the rest of the session until the final five minutes. It was really a back and forth type of day. Considering the data and potential for a sell off, the market held up pretty good today. The NASDAQ posted a gain and that is a surprise given the backdrop. The breadth wasn't as bad as it could have been either. The short term indicators for the S&P 500 are still trying to make their mind up on which way to go. We'll get retail sales data tomorrow and we'll have to see what the market does with that. Things could still go either way here. Gold somehow was up a couple bucks on the futures after bouncing back and forth. The US dollar finished slightly lower and interest rates were up. The XAU and GDX had slight fractional gains on light volume. My GDX February calls are now losers with only 3 days to go in this months option cycle. GDX remains short term oversold and staying that way, which isn't helping my cause. We would need to see some type of rally from here for this trade to get back to break even. Not sure that is going to happen as interest in gold has waned. Will have to think about just taking the loss tomorrow. Mentally I'm feeling OK. The VIX was lower today and closed below the 20 level. The short term indicators here have turned back down. We got the drop in the VIX we were looking for but not the rise in stock prices to go along. Not sure what that means going forward. Running out of time in Februarys option cycle and decisions must be made. I suppose we'll see how things open tomorrow and go from there. Europe and Asia were generally higher in last nights trading. We'll keep an eye on the overnight headlines.

Higher prices to begin option expiration week as the Dow rallied 376 points on pretty light volume. The advance/declines were around 3 to 1 positive. The summation index is still moving down but another day like today would change that. The NASDAQ led the way higher and that's a plus. Not sure why we moved up so much in front of tomorrows CPI report but perhaps the market knows something we don't. Of course the light volume is troublesome. Short covering probably played a role today as well. The short term indicators for the S&P 500 are trying to turn back up. If that happens the rally will have legs. Of course it could all change tomorrow with a higher surprise from the consumer price numbers. All we can do now is wait. Gold dropped over $10 on the futures. The US dollar was a bit lower and interest rates were steady. The XAU was off over 3/4, while GDX had a slight fractional mover lower. Volume was pretty light here but the gold shares held up rather well considering the metal lost ground today. Things should get moving on the CPI report tomorrow. My GDX February calls are still about at where I purchased them. 4 days to go for this trade and Tuesday will most likely be the key as to whether or not this trade succeeds. Mentally I'm feeling OK. The VIX was just a bit lower today and is still above the 20 level. The short term indicators here moved sideways today. The VIX did close below its 50 day moving average. I'm not getting a good feel for what will happen next for the VIX. My guess would be that it heads lower and stocks head higher. But I certainly don't know. All in all the thing to look for is the market reaction to tomorrows numbers. Asia was lower with the exception of China and Europe was up. We'll see what the market has in store for us tomorrow.

A mixed bag today as the Dow did manage a gain of 169 points on light volume. The advance/declines were slightly positive. The summation index continues down. The overall market was weaker than the Dow, with the NASDAQ posting a loss. The short term indicators for the S&P 500 have stalled their downside movement at a mid-range level. They could go either way from here. It seems as though the market is on hold in front of Tuesdays inflation numbers which no doubt will get things moving one way or the other. Not sure what to expect there. No SPY trades for the time being. Gold was off a few bucks on the futures. The US dollar was higher along with interest rates. The XAU and GDX had fractional losses on light volume. I did place another order for the GDX February calls and it was filled. So the first trade of the year is on. The entry looks to be OK depending on where we go from here. GDX remains short term oversold. I'll probably hold this trade into the inflation report and go from there. We'll also get retail sales data on Wednesday of next week. Mentally I'm feeling better and recovery is going well so far. The VIX spiked up during the session but ended up closing lower on the day. It is still above the 20 level. The short term indicators here are mixed but more overbought than oversold. The daily candlestick chart for the VIX has what looks like an evening star which would imply lower VIX readings going forward. That would be a plus for stocks. However the VIX did penetrate its upper Bollinger band. We'll see what that means going forward. Option expiration week coming up and we'll also see if it has the usual positive bias. But we'll be keeping a closer eye on gold and the gold shares as that is where our money is on the line at the moment. Plenty of work to do over the weekend with the charts and indicators. Europe and Asia were generally lower to finish the week. It's Friday afternoon and time for a break.

It was a one day reversal to the downside as the Dow opened higher and closed lower. The most watched index fell 249 points on average volume. The advance/declines were shy of 3 to 1 negative. The summation index is now trending lower. The NASDAQ led the way down but we did see a little buying in the final half hour. The short term indicators for the S&P 500 have now rolled over and have plenty of room to go lower. I am not sure why things have gotten weaker here. The short term up trend lines for the NASDAQ and the S&P remain intact but another day like today will violate them. IWM has already broken that short term line. Perhaps the rally that began in the beginning of the year has run its course for now. We'll know more after tomorrows price action. Gold fell $17 on the futures. The US dollar was a bit lower and interest rates ticked up. The XAU dropped 2 1/2, while GDX lost 5/8. Volume was average. I did place an open order this morning for the GDX February calls but it wasn't filled. GDX remains short term oversold and has now closed below its 50 day moving average. There's only six days left in the February option cycle so any trade now carries a lot of risk. I will reconsider placing the order again overnight. Mentally I'm still in recovery mode from the recent illness but feel like I'm almost all the way back. The VIX was up today and closed above the important 20 level. It has stopped right at the 50 day moving average. The 50 day has contained the VIX since the rally that began in October. So it is important for the bulls that the VIX to turn back down here or we will have to adjust our thinking. It is not quite yet short term overbought but could get there tomorrow with a repeat of today. So we are at an important market juncture in my view. Europe was higher and Asia too for the most part. We'll close out the trading week tomorrow.

Sellers took charge today as the Dow fell 207 points on lighter volume. The advance/declines were 2 to 1 negative. The summation index is tracking sideways. We spent the session in negative territory. The NASDAQ led the way lower. Up trend lines remain intact for both the S&P 500 and the NASDAQ. The S&P is still short term overbought on the indicators. We're remaining on the sidelines for now with regards to trading the SPY. Gold was up a few bucks on the futures again. The US dollar was a bit higher and interest rates a bit lower. The XAU was off a buck and GDX shed 1/4. Volume was very light here. GDX is now short term oversold and holding above its 50 day moving average. This would seem to be the logical spot to try the GDX February calls. We'll consider it tonight. Mentally doing OK, not 100%. Trying to get back to normal but it takes time. The VIX was up today and that fits a down market. The short term indicators are heading higher and are at mid-range. The VIX remains below the 20 level and below its 50 day moving average which are good signs for the stock bulls. Still waiting on a big move here as the Bollinger bands converge. Asia was mixed and Europe generally higher overnight. We'll keep an eye on tonights developments.

Volatility returned for a day as the Fed speak created some market gyrations. However when it was all said and done the Dow climbed 265 points on average volume. The advance/declines were positive. The summation index is beginning to move sideways. A hawkish Chairman Powell sent stocks into a swoon mid day but buyers again appeared and drove prices higher for the rest of the session. Once again the NASDAQ led the way up just like it led the way down last year. But it's this year and as long as the over the counter issues are in the lead going higher there is plenty of liquidity for now. The S&P 500 had a good day and it appears that the next stop is 4200. It does remain short term overbought but that's not an issue during rallies. There seems to be plenty of bears around and that is a plus for the bullish cause. Not to mention that today the market shrugged off Powells remarks and zoomed higher. Again, it's the opposite of last year. Declines can be purchased for now. Gold was up a few bucks on the futures. The US dollar was a bit lower and interest rates ticked up. The XAU rose 1 1/2, while GDX gained 3/8. Volume was average. GDX is still holding at its 50 day moving average. We may consider the February calls there if they get cheaper. Mentally feeling OK but still on medication for now. No rush to trade as health is certainly more important. The VIX was lower, remains below 20 and the short term indicators are turning back down. It seems to continue to say that higher stock prices are coming. The Bollinger bands here are converging which implies that a big move is in the near future. Could it be a blast to the upside? Not sure but we'll certainly keep our eyes open. Europe and Asia finished mixed. We'll see if we get some upside follow through tomorrow.

Lower to kick off the new week as the Dow fell 35 points on almost average volume. The advance/declines were around 3 to 1 negative. This should start the summation index to turn sideways. The overall market was weaker than the Dow with the NASDAQ leading the way lower. The S&P 500 remains short term overbought but not at an extreme. Not sure what our next SPY trade will be. Still nine days to go in the February option cycle. Not a lot of economic data due out this week. However there will be plenty of Fed speak beginning with Chairman Powell tomorrow. We are still on the sidelines for now. Gold had a weak bounce of five bucks after last weeks carnage. The US dollar was higher along with interest rates. The XAU was off 1 3/8, while GDX had a slight fractional loss. Volume was light. GDX has broken its up trend line that began in the beginning of November. It is currently finding support at around 30, which is also where the 50 day moving average lies. I suppose if we get brave maybe we'll try the February calls here as GDX is now short term oversold. We'll see. Mentally I'm doing better but not all the way back yet. Health is improving but not near 100%. The VIX was higher today and the short term indicators here have turned up. However as long as the VIX remains below the 20 level we'll keep looking for higher stock prices going forward. The VIX is at 19 and change. Asia and Europe were lower with the exception of Japan. We'll see if Chairman Powell gets things going one way or the other tomorrow.

We did see some selling today but it could have been worse. The employment report had an upside surprise. However the tone of the market has changed and there seems to be plenty of money for equities at the moment. If this was last year we would have had a rout in stocks today. But it isn't last year and we have to adjust our expectations and trading plans accordingly. I am still in recovery mode from the emergency room visit on Wednesday but hopefully the blog will be back to normal on Monday. Do note that gold has gotten crushed in the last two sessions, including down over $50 today. I'll be resting over the weekend to try and get back to things next week.

At the hospital in the emergency room yesterday so I missed the Fed day reaction that was a jump to the upside for most indices. More gains today for the major indices but the Dow is lagging here. The leader is the NASDAQ and decidedly so. That is bullish going forward. The S&P 500 broke through its longer term down trend line and now the NASDAQ has followed with volume picking up. All signs are positive for the market at this point. The VIX staying below 20 is another plus. Declines can now be purchased as we will have to see how far things run up. Not sure where the liquidity is coming from but we'll enjoy the ride. I'm feeling under par to be sure and cannot do the usually more detailed blog today. I hope to be back closer to normal by next week. It goes without saying that if you can't give the market your full attention, there is no point in trying any trades. Health is my number one priority at the moment. The markets will always be there.