Wednesday, August 16, 2017
Another gain today but we did come off of the highs as the Dow rose 25 points on light volume. The advance/declines were positive. The summation index is still heading lower. We had a nice rally early but it faded as the day wore on. The Fed minutes came out but really didn't affect things. There's not much else to trade off of this week. We'll get the expiration on Friday and that's about it. We're halfway through August and the big decline of last week has moved into the background. I'm still considering the SPY September calls. GE lost a few cents and the volume remains light. Gold caught a bid after the Fed and rose $9. The US dollar was weaker today. The XAU jumped 2 1/3, while GDX gained 1/2. Volume was a bit less than average. The longer term gold share call trade is still on my radar but I'll need to see a short term oversold reading to make that happen. Mentally I'm feeling OK. Volatility has quieted down for now. I'm still waiting on some type of short term signal to put on the next trade. No need to rush things here towards the end of the summer. I'll try and remain patient. The breakdown in the RUT remains one of my concerns as that index is usually a leader for the overall market. But I will wait for a signal before putting on the next trade. Europe was higher and Asia mixed in last nights trade. We'll keep a watch on the overnight action.
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