Monday, March 30, 2015
The market took off from the open and never looked back. The Dow gained 263 points on light volume. The advance/declines were about 3 to 1 positive. This should move the summation index back to the upside. I did not have a chance to get the SPY April calls. I suppose Friday was the correct day for purchase. I do not know if I will chase things here. The volume was light but this is a holiday week. The lack of follow through from the big down day of last week tells me that perhaps the decline is over. Most of the foreign markets rallied hard and the US followed. GE was up 1/4 on light volume. My GE April calls remain losers. This trade is not going to work out, barring some kind of miracle. Gold shed $15 on the futures as the US dollar was higher. The XAU was down 1 1/4, while GDX lost 1/3. Volume was light. If and when the technical indicators get oversold, I may try the gold share calls again. For now it's the sidelines here. Mentally I'm doing OK. Not sure where the major stock indices are going from here but I'm looking for bullish outcomes. So perhaps my mind is already made up. I'd expect the rest of the week to be slow but that's a guess as usual. The employment report is the next moving piece of news in my mind. However it comes out on Friday, which is a holiday for most. We do have the end of the month and quarter tomorrow. I suppose if we do see some weakness the rest of the week I could try the SPY calls. But I wouldn't count on it. We have the earnings for GE on the last trading day for the April options. I don't think that I really want to wait that long to dump the calls that I have. But who knows? Gold is still unloved and not interesting to anybody. We'll see if the overseas markets have some upside follow through to todays positive price action and go from there.
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