Tuesday, February 10, 2015
Heading higher as the Dow climbed 139 points on average volume. The advance/declines were positive. At this rate there may not be an opportunity to buy some SPY February calls. We could just keep moving up. It is possible that yesterday was the only pull back that we'll see. However we do still have 3 days left this week and the retail sales number that could be a market mover. The short term technical indicators are overbought for the major stock indices. They could very well stay that way. So we'll watch and wait. GE was up a few cents and still hasn't gotten past the 50 day moving average. GE not moving up significantly with the overall market is not a good sign for my GE March calls. Gold fell around ten bucks on the futures as the US dollar was higher today. The XAU was off 1 1/3, while GDX dropped 3/8. The interest in the gold shares has waned. USO was lower by 7/8 as it still trades below the 50 day moving average. Mentally I'm doing OK. The market has a positive tone to it. Declines are being bought. I'm still looking for the S&P 500 to get to 2100 by expiration. That's my best guess at the moment. There really isn't much else to say at this time. Waiting to get some SPY calls before expiration and the chance to purchase may have already passed. I don't have any other trades on the radar. We'll see if the foreign markets follow the US higher overnight.
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