Monday, March 23, 2015
We begin the week with a one day reversal to the downside as the Dow opened higher and closed lower. It wasn't much though as the Dow fell 11 points on light volume. The advance/declines were positive. The market dropped in the last half hour to turn negative on the day. The summation index should still be moving up. I am looking at SPY April calls. Timing of the purchase will be key as always. Not a lot of data out this week. The short term technical indicators for the major stock indices are also overbought. So patience is probably a good idea at this point. GE was up 9 cents but finished well off of its highs. The daily candlestick chart isn't looking all that bullish. My GE April calls are slightly in the red. I think GE needs to get going this week or this trade will be looking like a loser. Gold was up a few bucks on the futures as the US dollar took another hit. The XAU gained 1 1/2, while GDX rose 1/3. Volume was light here. ABX was up 1/3 with little volume as well. The April calls I have here are in the black. The short term technicals here still have room to go higher. Perhaps this trade will work out. Mentally I'm feeling OK. It was really a ho-hum session today until the final half hour. No real news and the expiration hangover effect that sometimes occurs. I would not be surprised if we don't see much movement this week. That's a guess as usual. Looking forward, next week we get the employment on a day the market is closed. That should be interesting. End of the month next week as well. For now I'll have to sit tight and wait for the next signal to trade the SPY. GE is not getting any traction to the upside and that won't help my April options there. Gold is getting a bounce and we've gotten through the near term downtrend line on a daily basis. There should be a bit more room to the upside here. We'll keep an eye on the foreign markets overnight and see what tomorrow brings.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment