Thursday, September 14, 2017
A mixed bag today with the Dow higher and the overall market lower. The most watched index rose 45 points on average volume. the advance/declines were slightly positive. The summation index continues higher. The S&P along with the NASDAQ were lower, with the small stocks getting the worst of it. This underlying weakness could spell trouble going forward and I am kind of counting on it. The short term technical indicators remain overbought for the major averages. We'll s get retail sales tomorrow and we'll see how the market reacts. GE was up fifteen cents on good volume. Gold rose five bucks on a lower US dollar. The XAU and GDX had slight fractional gains on about average volume. Mentally I'm feeling OK. Not much else to report today. I'm letting this week go by and then hopefully getting some SPY October puts next week. We've got option expiration tomorrow and the Fed coming up next week. I'm not expecting nay surprises from the Fed but you never know. We remain overbought with the small stocks kind of stalling here. The VIX is oversold at the moment and it appears to me that we are at least trying to set up for something lower in the near term. But I could be wrong and often am. What I would like to see is a light volume levitation from here going into the close on Monday. The market rarely cooperates. Europe and Asia were generally lower overnight. We'll see how we close out the week with the expiration tomorrow.
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