Thursday, April 23, 2015
Grinding higher as the Dow added 20 points on good volume. The advance/declines were 2 to 1 positive. We were higher for much of the session but drifted off in the final hour. Some new intra-day all time highs today for various major stock indices. We are however, still short term overbought on numerous technical indicators. I don't have any SPY trading ideas at the moment. GE was off 6 cents on average volume. Waiting for an oversold condition here to purchase the June calls. Gold was up $7 on the futures as the US dollar had a weak session. The XAU gained 1 1/4, while GDX rose 1/2. Volume was decent to the upside. Still overbought for the gold shares and patience is required before getting any calls here. Mentally I'm feeling OK. Although overbought, the market has the feel as though it wants to move higher. The small stocks are holding up quite well and the TRAN has been moving higher of late. I do not want to chase things here. However if we break out to the upside, there is no overhead resistance. I suppose you really don't want to miss that because there could be some good gains in a short amount of time. I'll keep an eye on things. Patience is my mantra for the gold market right now. We'll finish out the trading week tomorrow.
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