Friday, October 27, 2017
It's a rally that just won't die. The Dow added 33 points on good volume. The advance/declines were positive. The summation index is still heading down. The overall market was much stronger than the Dow, with the S&P 500 along with the NASDAQ soaring. Whatever bearish candlestick patterns that were forming on the weekly charts were wiped out. It's off to the races again for stocks. We're still in a parabolic rise as far as I'm concerned but I certainly have no idea when it will end. It will end badly though in my mind. That's how it usually goes. But for now it's still up, up and away. GE is just the opposite. It lost another 1/2 on very heavy volume again. Perhaps my idea of the longer term calls is a waste of time. Because if this stock can't rally when the market is in a bull run, when can it? Gold rose five bucks and the US dollar was a bit higher. The GDP report can in pretty good but the buck didn't do much. The XAU and GDX had slight fractional gains on OK volume. Mentally I'm feeling OK. Although it looked like this was finally going to be a week to the downside, everything turned right back around today. It is an incredible run. We're also in a very positive seasonal time period form now until March of next year. Just how much higher can we go? With no overhead resistance, I can't really answer that question. We are still pretty far away from the 50 day moving average on the S&P 500 daily chart. I thought this week was the beginning of a move that would at least take us back there. But it was not to be. Perhaps just stepping aside from this freight train is the smartest idea yet. Well I suppose I at least figured that out after laddering up and losing all those SPY trades in the beginning of the month. But the market rolls on and so does the trading. Plenty of economic data due next week capped off by the jobs report on Friday. I'll be checking the charts over the weekend as usual and hope to come up with a new idea. Europe and Asia were mostly higher overnight. It's Friday afternoon and time for a break.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment