Pageviews past week

Thursday, January 11, 2018

The market continues to power higher as the Dow blasted off 205 points on good volume.  The advance/declines were better than 3 to 1 positive.  The summation index is moving back up.  We had a slight pause for a couple of sessions and now it's back to buying.  Overbought all the way around and that is a broken record.  Sell signals mean nothing in this atmosphere.  No overhead resistance as we simply are hitting new highs again.  The market is like a freight train with full steam ahead.  It has almost been non stop since the beginning of the new year.  Enjoy the ride because when it ends, it won't be pretty.  But there's no end in sight at the moment.  GE gained almost a dime on very heavy volume.  It did close off of its highs though.  Getting short term overbought here but not extremely so like the overall market.  Gold was up slightly today despite a drop in the US dollar.  The XAU rose a point and GDX added 1/8.  Volume was light.  The inflation data was light today, which may be a reason for the sell off in the US dollar today.  Mentally I'm feeling OK.  More inflation data along with retail sales due out tomorrow.  We are also on the cusp of a long weekend in the US.  The market is overbought and just keeps going up.  It is hard to attempt a trade in this environment because the normal technical signals just don't work.  I'll have to try and not make a trade just for the sake of making one.  I'll probably just have to wait for the February option cycle at this point.  We do have the GE earnings coming out in a week.  But trying to justify doing something there probably isn't worth the risk.  It looks like I could be on the sidelines until after the January expiration next Friday.  Europe and Asia were a mixed bag overnight.  We'll close out the week tomorrow.

No comments: