Tuesday, January 13, 2015
We opened higher and closed lower today and that is usually not a good sign. The Dow fell 27 points on heavy volume. The advance/declines were slightly negative. The summation index has turned down but still shows a sideways pattern for now. My OEX January calls are worthless. Nothing will save them at this point. We are right at the important up trend line from October. It doesn't look like it is going to hold. Retail sales will be the driver tomorrow. GE was off 1/4 and the volume was good. We're almost at the 50% loss threshold for this trade. I'd still like to hold on until the earnings on Friday. Gold was flat on the day, while the US dollar continues to move higher. The XAU fell 3 3/4 and GDX dropped almost a point. The relative weakness for the gold shares is not a positive. USO was up almost a 1/4. I don't have any trades in mind for gold or oil at this time. Mentally I'm feeling tired as a change in my schedule today has left me listless. The day started out as if the stock indices might see upside gains for the day. But as the trading went on, sellers emerged. If we can't get things going to the upside soon the market could be in trouble. Hasn't happened yet. My trading has been terrible already but as usual the market doesn't care. I'm a bit tired. So we'll see what happens tomorrow.
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