Tuesday, November 14, 2017
Just another day of selling off early and then coming back. The Dow fell 30 points on good volume. The advance/declines were negative. The summation index is still moving lower. Once again the overall market was weaker than the Dow. We've had plenty of chances to sell off here and it just hasn't happened. I do think that we are having a sideways correction before we once again move to new all time highs. I'm not sure how long we'll go on like this but that is what I think is happening here. The VIX has spiked up here but looks like it is going to roll back over. The short term technical indicators for the major averages have rolled over but are not completely oversold yet. GE got slammed again and was off over a buck. Volume was like yesterday, out of control huge and negative. I adjusted my January call option order here again to a lower strike price. I'll feel more confident about this trade the lower we go. The trouble is that I certainly don't know how far this stock is going to drop. Gold was up a little over a buck as the US dollar had a weak session. The XAU and GDX didn't move much on light volume. Still no love for the gold shares. We have yet to see the usual positive bias that occurs during option expiration week. So far it doesn't look like the TRAN and RUT are going to lead us lower here. The other small stock indices remain near their highs and that's a positive. I still do not have any SPY trades in the works for the near term. Although the summation index continues to go down, stock prices really haven't followed. Again, when the indicators stop working it's probably best to simply step aside. I also haven't had a good handle on things lately and I'm not feeling 100% yet. I will keep trying the GE trade though. Sometimes it is a good idea to try and step in when nobody else wants to. Europe and Asia were both lower but not by a lot. We'll see what tomorrow brings.
Subscribe to:
Post Comments (Atom)
1 comment:
Religare locks up at 10% post announcement of changes in Board and Management Team
Free Trading tips
Post a Comment