Thursday, October 12, 2017
A bit lower today as the Dow fell 31 points on light volume. The advance/declines were slightly positive. The summation index is heading sideways. Not sure if this is the beginning of the long awaited drop but we'll see. Not a lot of news today but the retail stocks along with the major banks took a hit. We're still short term overbought on all the major stock indices with any metric that you choose. October has a history of volatility and there is still plenty of time in the month for some excitement. So we'll see. I'll repeat that there is no overhead resistance for now. GE was off a couple cents but the volume remains way above average. I'm still considering the longer term calls here. Gold added $7 on the futures and the US dollar was a bit higher. The XAU and GDX were both little changed on light volume. Mentally I'm feeling OK. It's been an uneventful week so far for stocks. We'll get retail sales and the CPI tomorrow. The political headlines have been quiet along with the geo-political rhetoric. The VIX remains below 10. Unless we get hit with something out of the blue, you've got to keep looking for higher prices. Not much else to report at the moment. Asia was higher and Europe mixed last night. We'll finish out the week tomorrow.
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