Monday, October 30, 2017
A bit lower to begin the week as the Dow fell 85 points on average volume. The advance/declines were negative. The summation index is still heading lower. I'm not exactly sure what is going on right now but we are still overdue for a decline. There was no follow through to the strong session on Friday. Plenty of data and news this week so we'll have to see how things play themselves out. End of the month tomorrow. GE just keeps falling and dropped over 1/3 today. Volume remains extremely heavy. I'm still considering the longer term calls here. Gold added $5 on the futures as the US dollar was lower. The XAU and GDX had fractional gains on light volume. Rates dropped today and that was supportive for gold. Mentally I'm feeling OK. The rally seems to have stalled here for now. We've also seen a pick up in volatility which sometimes means that the trend is about to come to an end. We'll know more for sure in the coming days. We've also got political news coming out of Washington to deal with. Whether it's the Russian probe or the tax reform, it should provide some market movement. Plus we've got the Fed this week and the announcement of the next head of the Fed. So there is a lot for the market to digest this week. It should be interesting to say the least. I don't have any SPY trades in mind at the moment. Europe and Asia were mixed overnight. We'll finish up the month of October tomorrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment