Friday, April 21, 2017
We finished off the week with a thud as the Dow fell 31 points on OK volume. The advance/declines were slightly negative. The summation index is moving sideways. We bounced around all day with the overall market a bit weaker than the Dow. We're still trying to make up our mind what to do here. The VIX may be trying to turn back up here and that would be a negative. My story remains the same. I don't have a good signal one way or the other. Plus my read of the market here lately has been wrong. I'm on the sidelines until I get a better idea of what to do. GE got clobbered today, off 3/4 on very heavy volume. So much for GE perhaps leading the way higher. The earnings were in line with estimates but the stock still got sold off. Gold and the US dollar were both up slightly. The XAU and GDX were little changed on average volume. Mentally I'm feeling OK. We are moving on to the May option cycle. The major stock indices are not in sync at the moment. The small stocks are still leading the way though and that is a plus. The short term technical indicators there are getting overbought. The big cap indicators are mid-range. The VIX could go either way here but has at least rolled over for now. With mixed signals like these, I will have to wait it out for now. Perhaps over the weekend I can find some clues on what to do. But for now it's the sidelines as the best choice for me. I've put aside the last debacle of a trade but I still need to see some type of signal before attempting the next one. At least that's the plan for now. The major foreign markets have been weak of late so maybe it's time for them to turn around after the French election on Sunday. That's just a guess as usual. Asia was a bit higher and Europe mixed in last nights trade. I'll be checking the charts over the next couple of days. For now it's Friday afternoon and time for a break.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment