Wednesday, October 12, 2016
A day of running in place as the Dow gained 15 points on light volume. The advance/declines were slightly positive. The summation index is still heading lower. The small stocks showed relative weakness and that is not a positive. However the technical indicators on the VIX are pretty much overbought and that could spell some near term relief. We didn't have any downside follow through to yesterdays decline and that is a plus as well. But the market will go where it wants. The Fed minutes today were basically a non-event. GE was off a couple cents and the volume was light. Gold was flat on the session as the US dollar continues to rise. Overbought and staying that was for the dollar. The XAU rose 1 3/4 and GDX gained 1/2. Volume was average. Mentally I'm feeling OK but physically feeling tired. Running out of time in the October option cycle. Friday could get volatile, with retail sales plus inflation data. More oversold than overbought for the major big cap averages. Earnings just beginning here as well. It never gets easy. I'll try and be patient for a good signal. I'm still considering the SPY November calls at the moment. Europe and Asia were lower overnight. We'll keep an eye on the overnight developments.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment