Monday, November 20, 2017
Moving higher on Monday as the Dow gained 72 points on light volume. The advance/declines were positive. The summation index is still trying to turn around here. The overall market was not as strong as the Dow. It's a holiday shortened week, so I do think we'll see a positive bias. I also think that any trades for the SPY should be put off until next week. The trading will be thin this week. GE was off about 1/4 on good volume. Oversold and staying that way. I do still have my open order in for the January calls here. Gold fell $20 on the futures and I do not see an obvious reason for that. The US dollar was a bit higher. The XAU and GDX had fractional losses on average volume. There remains no love for gold or the gold shares. Mentally I'm feeling OK. The TRAN continues to languish, however the RUT has had a very nice 3 day gain. I'm still looking for new all time highs in the major stock indices in the coming days or weeks. There hasn't been any fundamental change in the economy and the recent stall in prices here looks like a consolidation to me. We'll know for sure in due time. With the summation index attempting to turn around here, if that were to occur then it would be all systems on go for higher prices. The summation index may turn around this week. Asia was mixed and Europe higher last night. We'll see what tomorrow brings.
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