Friday, March 16, 2018
Another kind of mixed bag as the Dow gained 72 points on expiration heavy volume. The advance/declines were 2 to 1 positive. The overall indexes were weaker than the Dow though. The summation index has started to trend sideways. We're basically waiting on the Fed here and that won't happen until Wednesday of next week. Getting short term oversold on one of my indicators. I'm in a wait and see mode as we're rolling into the April option cycle. GE lost a nickel and volume was pretty good. Gold was off a few bucks on the futures. The US dollar finished little changed. The XAU and GDX barely moved on light volume. Mentally I'm feeling OK. We'll wait on the Fed and go from there. The April time period can sometimes be pretty slow. It can be a time of little movement and conviction. I'm not sure the reason but perhaps tax season is the cause. This doesn't happen every year but the possibility is out there. I'll be checking the charts as usual this weekend and I'll try to figure something out. The move to new highs in some of the small stock indices has yet to be confirmed by the RSI. I'll be keeping an eye out on that. Asia was generally lower and Europe higher overnight. It's Friday afternoon and time for a break.
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