Wednesday, June 08, 2016
Continuing with the higher drift as the Dow gained 66 points on light volume. The advance/declines were 2 to 1 positive. The summation index is heading higher. The march continues to new all time highs in my opinion. Overbought, staying that way and nothing in the way for now. It appears that the run up into the June expiration is in place. The TRAN continues to the upside. Some of the small stock indices are lagging but RUT is looking good. At the risk of sounding like a broken record the only caveat remains the light volume. GE was up over 1/8 and the volume was a little better. Still below the 50 day moving average here but a rise above will strengthen the case for new all time highs on the S&P. Gold was up over $15 on the futures as the US dollar was weaker again. The XAU rose 3 points, while GDX added over 3 /4. Volume was average. We are at the top of the recent trading range for the gold shares. Mentally I'm feeling OK. It is looking less and less that I will be able to put on a trade for the June option cycle. I'm looking for higher prices but can't seem to get the market to cooperate with an entry point. The June SPY puts don't seem like a good idea at this time. There isn't much else to do but watch and wait. Not trying to force the issue here seems to be the best idea that I have at the moment. Foreign markets were mixed overnight. We'll see what tomorrow brings.
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