Friday, January 30, 2015
Once again back to the downside to close out the week and the month. The Dow fell 252 points on heavy volume. The advance/declines were 2 to 1 negative. We closed below the 2000 level on the S&P 500. We are at the bottom of the trading range for this index again. I did place an order for the SPY February calls during the session but canceled it about an hour later. I'm still feeling sick and cannot trade under this condition. My mind is dull. I will hopefully get better over the weekend. Getting to short term oversold on the stock indices but falling apart again in the final hour is bearish. GE was down about 20 cents and the volume was heavy. Gold found a bid on the market decline with the futures up over $20. The US dollar rose slightly. The XAU came back 2 1/4, while GDX added 3/4. We've basically been sideways for the gold shares the past two weeks. Mentally I'm slow and not feeling well physically. I'm still a believer in the long side for the stock indexes here but that could be way off too. We've either put in a pretty big top on the stock indices or a consolidation zone before heading higher. I tend to agree with the latter choice. The summation index has been moving sideways. I need rest so I am cutting this short again. I don't know how much work that I'll be able to do over the weekend. There's still three weeks to go in the February option cycle. The opportunity for profit is there.
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