Pageviews past week

Thursday, December 07, 2017

The Dow got a bump higher today as the most watched index rose 70 points on light volume.  The advance/declines were shy of 2 to 1 positive.  This could move the summation index back up but also show sideways here as well.  Tomorrows price action to me is important.  It will determine the weekly close and whether we are turning negative here or not.  A positive day will negate my theory of lower prices coming.  A decline would solidify in my mind the idea that we are in for a pause in the rally.  I'm not sure what the numbers will be but the markets reaction to them is the key.  GE was up a nickel on the usual good volume lately.  GE needs to hang in here or the near term support will be broken.  Gold lost $17 on the futures as the US dollar was up again.  It hasn't been a huge rally in the dollar as of late but gold has certainly lost some of its luster.  The XAU and GDX were both flat and came up off of their lows.  Mentally I'm feeling OK.  The VIX has turned back down here and I don't know if it's a precursor of better price action to come.  All we can do at this point is wait to see what the market says tomorrow.  If it's a solid upside session, we'll probably go on to see new all time highs next week.  If not then my idea of lower prices for a change will have a chance.  That's my best take on things at the moment.  Europe and Asia were mixed overnight.  We'll check the employment report in the morning and finish out the trading week from there.   

No comments: