This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Friday, April 28, 2017
Some selling to close out the month of April as the Dow fell 40 points on average volume. the advance/declines were negative. The summation index is still moving up. GDP was just a bit light of expectations. We did open higher and close lower once again. I don't think that we're running out of steam here, just moving sideways after the huge run up. I did cancel my open order for the SPY May calls to get out before the weekend. I'll be placing that trade again next week. I still expect a break higher to new all time highs sooner rather than later. GE was lower by a dime but the volume was pretty light. Gold was up a few bucks and the US dollar was a bit lower but did come off of its lows for the session. The XAU added 2 points, while GDX gained 3/8. Volume was average. Mentally I'm feeling OK. Short term overbought for all the major stock indices with the exception of the TRAN. RUT had a weak session but we'll have to see if that was just the end of the month squaring. The small stocks continue to lead the way but perhaps they need a sideways rest as well. May sometimes isn't the best month for stocks, so I'll have to tread carefully if I do attempt a trade for the SPY calls. I'd prefer to see weakness in the beginning of the week and that would set me up for a long trade. But as you know the market rarely cooperates. I'm in a better mental state of mind now so perhaps I'll be able to make the proper decisions. Plenty of work to do over the weekend to be ready for a fresh trading week. For now it's Friday afternoon and time for a rest.
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