Thursday, April 06, 2017
The Dow managed a 14 point gain today on light volume. The advance/declines were 3 to 1 positive though and that should turn the summation index back up. The overall market was stronger than the Dow and that is a plus. I did place an order for the SPY April calls but it wasn't filled. I might try this again tomorrow but we'll have to wait and see. The RUT held up well today and if we can get leadership there, the market should be OK. All eyes will be on the employment report but as always the markets reaction to the numbers is the key. I still believe that we're going to go higher before the April expiration but there really isn't a clear signal technically. GE was off a few cents on light volume. Gold rose $5 on the futures and the US dollar was a bit higher as well. The XAU and GDX were barely changed on pretty light volume. It's been quiet lately for gold and the gold shares. Mentally I'm feeling tired. Trying to put a trade on here has kept me busy. I almost wanted to chase things again today when we were up a point on the SPY but I didn't. There is still a lot of time premium left in the April options. Plus some extra volatility premium in there after yesterday. So the entry timing has got to be spot on for any trade to have a chance. Those premiums will get sucked out rather quickly as the next couple of weeks go by. We're still only mid-range on the short term indicators. However todays very positive advance/declines tells me we are probably headed higher. That's my guess at the moment. I'll wait and see how the market opens tomorrow and decide what to do from there. Perhaps I'll get a chance for the April calls. We'll see. Asia was lower and Europe generally higher last night. We'll finish out the week tomorrow.
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