Tuesday, April 04, 2017
It seems like a drift here as the Dow gained 39 points on light volume. The advance/declines were even. The summation index continues to the upside. I do have an open order in for the SPY April calls but at this rate it won't get filled. Unknown exactly which way we'll go here but I am still leaning towards a bullish resolution. However I do not want to chase anything here. If we get some downside ahead of Friday, I'll try the calls. If not I'll have to wait for the next signal. With 2 1/2 weeks to go in the April option cycle, there is still time for a trade. GE was up 1/8 on light volume. The gold futures rose $4 and the US dollar was little changed. The XAU was up a buck, while GDX added 1/4. Volume was light. Mentally I'm feeling OK. The short term technical indicators for the S&P here are about mid-range. Hence the opportunity for the trend to go either way. We also sometimes just get a sideways market in the month of April and that could be the case as well. The economic data out so far this week has been in line with estimates. We'll get the Fed minutes tomorrow and perhaps that will get things going. But we also could simply be on hold until Fridays jobs report. Once again I don't want to press or chase things here but I do have the feeling that we are going to take a run at new all time highs. The overall market is still a bit weaker than the Dow at the moment and that needs to change if we're going to go higher. Asia was mixed and Europe positive in overnight trade. We'll see what tomorrow brings.
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