Pageviews past week

Thursday, December 14, 2017

A bit of selling today as the Dow fell 76 points on average volume.  The advance/declines were shy of 2 to 1 negative.  The summation index is still moving basically sideways but another day like today would change that.  No real reason for the selling other than the short term overbought condition of the market.  Retail sales were better than expected and interest rates remain in check despite yesterdays rise in short term rates.  The RUT was weak again today and is usually a leader but that hasn't worked out lately.  I don't think that this is the beginning of anything sustainable but we'll see.  GE was off over a dime on what passes for average volume these days.  My option ticket for the January calls is getting closer to being punched.  A bit more downside should do it.  Gold rose $6 on the futures and the US dollar was a bit lower.  The XAU and GDX had slight fractional losses on lighter volume.  Mentally I'm feeling OK.  Not sure what to expect from the market after the option expiration this week.  Next week will be the last full week of trading for the year.  After that we'll go into holiday mode with many players out for that week.  I don't expect any sharp moves one way or the other.  I think that the passing of the tax plan is already in the market.  If we get some delay on that bill, we could see some selling.  But I don't think anything significant is in the works marketwise near term.  It should be more of the same with a drift higher in price.  Probably new all time highs set each week as we move along.  Perhaps we'll see a near term drift lower to reset the technical indicators before a new move up.  That's a guess as usual.  Europe and Asia were both lower overnight.  We'll finish up the week tomorrow. 

No comments: