Friday, September 29, 2017
The beat goes on as the Dow climbed in the final half hour to finish the day with a gain of 23 points on light volume. The advance/declines were positive. The summation index is heading higher. The overall market was much stronger than the Dow and that's a positive. I once again sold my SPY October puts for a loss and rolled into a higher strike price. The loss today was 22%. My new position in the SPY puts is showing a slight loss. Overbought and staying that way for the major averages. Perhaps my thinking is just wrong here and the market may be trying to tell me that. Or maybe I'm just married to this idea and won't let it go. My trading tactics and management are OK but it doesn't matter if the underlying premise is wrong. I'm going to have to look things over again this weekend and decide if just sitting out from here is the way to go. Small losses do add up. GE was off a few cents on average volume. Gold fell $6 on the futures. The US dollar finished little changed. The XAU fell a point and GDX lost twenty cents. Volume was pretty light here. Mentally I'm feeling OK. I've done more trading this week than I usually do in a month. Perhaps I'm losing my patience. The weak seasonal period hasn't produced any legitimate decline. My thinking is that we may simply keep heading higher from here and squeeze the shorts some more. That would not help my cause. I think that if this current SPY put position gets stopped out that I'll simply step aside. A lot of what I look at is flashing sell signs but the market refuses to drop. With no overhead resistance this could be the speculative blow off top that we are seeing form now. That's a guess as usual. But you cannot deny that overbought seems to mean nothing here. I'll just have to look at things over the weekend and hope some rational thought enters my mind. Perhaps my ears are deaf to listening to what the market is saying here. We'll see. Europe and Asia were generally higher overnight. It's Friday afternoon and time for a rest.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment