Tuesday, June 13, 2017
Moving higher today as the Dow gained 92 points on light volume. The advance/declines were over 2 to 1 positive. The summation index is now moving higher. It appears that the SPY June call trade won't happen. We needed to see some more decline today to set up the trade but it didn't happen. Perhaps if we get a sell off tomorrow I'll take the risk. But with only three days left in the June option cycle it may not be worth it. We did set some new all time highs today as the bull lives on. GE fell 1/2 on heavy volume. I guess the excitement of hiring a new CEO has worn off rather quickly. Gold finished little changed and the US dollar didn't do much either. The XAU and GDX had fractional moves up on light volume. I'd like to see another sell off in the gold shares to set up the longer term call trade there. Mentally I'm feeling OK. We'll get the Fed tomorrow and the market should do something after the announcement. I'm wondering if I dare attempt the SPY June calls still with so little time remaining. My work still suggests that we'll be higher towards the end of this week. But it simply could be that it is just too late and that yesterday was the time to purchase the calls. I suppose I'll wait and see what happens tomorrow. I certainly don't want to make a trade just for the sake of making one. So we'll see. Europe and Asia were generally higher overnight. A rate hike is expected tomorrow and we should get one. It may be what happens in the later press conference that gets things going. I'll be keeping an eye on things tonight and getting ready for what could be an interesting session tomorrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment