Thursday, January 26, 2017
A mixed session today as the Dow rose 32 points on OK volume. The advance/declines were slightly negative. The overall market was weaker than the Dow but it was really just a muted session after the run up from the past couple of days. I'm still a believer in the SPY February calls on a pullback. We'll get the first look at 4th quarter GDP tomorrow and it could be a market mover. However it is a look backward before the election results and the market seems to be looking ahead at the moment. GE was off a nickel and the volume was light. I'm also looking at the calls here as well. Gold dropped almost 10 bucks on the futures as the US dollar was higher. The XAU shed 2 1/8, while GDX lost almost 2/3. Volume remains light. Mentally I'm feeling OK. Nothing to do now but wait for the next opportunity and I think that it will come in due time. I'm seeing some potential negative divergences on some of the daily charts for a few of the major stock indices. But they haven't played out yet and they could be negated with more positive price action. I do expect the market to continue to trend higher. So patience is the theme for now and hopefully an opportunity will present itself in the coming days. Asia was higher and most of Europe a touch lower overnight. We'll finish out the trading week tomorrow.
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