Monday, May 04, 2015
Trying to push higher as the Dow added 46 points on light volume. The advance/declines were positive. We did come off the highs of the session. The summation index is still heading lower. I don't have a good grasp on what is going on right now. The small stocks did lead the way up and perhaps now they are leading the way down. I do not have any SPY trades in mind for right now. I wish there was a clear signal on what to do but there isn't. GE was off a few cents and closed below its high as well. Volume was light. I'm looking out to the June or July calls. Gold was up $12 on the futures and the US dollar was higher today as well. However the XAU and GDX only had slight fractional gains. Volume was very light. Gold and the gold shares have not correlated well lately. Mentally I'm feeling OK. Not a lot of time left in the May option cycle. I suppose if there is a set up in front of the employment report, I may be able to do a trade. But that remains to be seen. I am not sure if the light volume rally we've seen since Thursday is a chance to get your puts or something else. So I'll have to sit on the sidelines for now. Sometimes you simply have to be patient but we'll see how things shape up before Friday. The volume in gold has tapered off so perhaps the interest that we saw has waned. That's a guess as usual. We'll follow the overnight developments and go from there.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment