Friday, December 01, 2017
Today we got a version of Wall streets wild ride as the Dow plummeted over 300 points this morning on an indictment of a former Trump staffer. However the market eventually shrugged it off and finished the first trading day of December with a loss of 40 points on good volume. The advance/declines were slightly positive. The summation index continues to the upside. Volatility has returned to the market place. It seems as though all bad news is discounted in a matter of hours and money simply pours into stocks. Overbought, staying that way and there is no overhead resistance. That is a recipe for higher prices going forward. I don't know how long this thing can go on but there seems to be no end in sight. Declines remain being bought. Shorts continue to get squeezed. Sit back and enjoy the ride I suppose. But I still say that eventually this will end badly. GE lost 3/8 on heavy volume. Here's a stock that just can't get out of its own way. Talk about not participating in the rally. I'm really beginning to wonder if the January calls are even worth doing. Gold was up $6 on the futures as the US dollar was a bit lower. The XAU and GDX had small gains but they fell off of their highs. There's still no love for the gold shares. Mentally I'm about exhausted from the moving of the office. It is affecting how I think at the moment so all trades are off with the exception of the open order for the GE January calls. But the reality of the situation is that the market doesn't care about how I feel. The game rolls on regardless of individual circumstances. The key is recognizing when you are not 100% and scaling back when that occurs. We're on a bull run. Today could have done some damage if the market kept dropping but it turned around and came back. As long as that happens we're going to go higher. We haven't gotten to the point where everybody and their brother are talking about stocks. When your Uber driver starts telling you what stocks to buy, then the market will be in trouble. Keep that in mind going forward. Asia was mixed and Europe lower last night. I'll try and check the charts this weekend but it could be just a time to take a break for me. It's Friday afternoon and time for some rest.
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