Thursday, February 05, 2015
Powering higher as the Dow shook off the Greece news and rose 211 points on good volume. The advance/declines were 3 to 1 higher. The summation index is moving up. You have to recognize what is going on. There are no sellers. Monday morning took out the last of them. The employment report won't matter. We are going higher and it doesn't look like there will be another potential entry point at this rate. Missing out on this opportunity is painful. But the game goes on. GE was up 1/3 but the volume was light. My GE March calls are still in the red. The gold futures were flat today despite a huge drop in the US dollar. The XAU added a point, while GDX tacked on 1/3. Volume was light for the gold shares. I expected a better move up in gold on the Greece news but it didn't happen. As always, the market reaction to news is more important than the news itself. Mentally I'm doing OK. Not altogether feeling 100% yet. Quite a beginning to the month of February for the stock market. February is typically not a bullish time period. Hard to argue with what has transpired so far. Perhaps at some point next week we can try the SPY calls for the expiration week bounce. But that is probably wishful thinking. I still say we are getting to new all time highs in the stock indexes before the February expiration. Nothing else to report today. We'll see how the employment numbers go and close out the week tomorrow.
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