Friday, May 18, 2018
Expiration Friday ended on a whimper as the Dow gained a point on light volume. The advance/declines were barely positive. The summation index is moving higher. The overall market was weaker than the Dow with both the NASDAQ and S&P 500 lower. We did get a signal yesterday in the McClellan oscillator for a big move within the next two days. So we'll see what happens on Monday. Not much else to report as the market has basically moved sideways this week. GE lost three cents on light volume. Gold was up a couple bucks and the US dollar was slightly higher. The rate on the TNX dropped but it didn't seem to help gold. The XAU and GDX were little changed on light volume. I'm still looking at the longer term gold share calls but would like things to get a little more negative before testing out this idea. Mentally I'm feeling OK. Another losing trade this week. It really never had a chance as it showed a loss from the start. I think that I was married to the idea of getting the puts when I should have simply stepped aside. We are short term overbought on the major indices but showing no signs of dropping off. I think that as long as the VIX stays below 15 we'll be trending higher. I don't really have any solid trading ideas right now. Perhaps the best place for me now is the sidelines until something shows up on the radar. Another period of trying to return to the discipline necessary for success is in order. The markets are there for the taking. It is the battle within oneself that needs to be won. It is a continuing work in progress. I'll check the charts over the weekend and try to come up with a game plan going forward. Asia and Europe finished lower overnight. It's Friday afternoon and time for a break.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment