Thursday, June 07, 2018
A mixed bag today as the Dow rose 95 points on average volume. The advance/declines were slightly positive. the summation index is moving higher. The small stocks were negative today and the S&P 500 had a slight loss. RUT was lower and the VIX had a little spike. Perhaps we're at a near term high or maybe not. Tomorrows price action could tell a lot. My position in the SPY June puts is showing a small loss and I may be stopped out tomorrow. It wouldn't be the end of the world but I do think that there's some weakness coming. The short term technical indicators for the major stock indices remain overbought. GE was up about 1/8 on OK volume. Gold and the US dollar finished little changed. The XAU and GDX had slight fractional losses on light volume. Mentally I'm feeling OK. Today had the feel of simply a pause in the action for profit taking. There wasn't any major economic news and the recent geo-political worries have faded. There is a G-7 meeting this weekend but nothing is expected to come out of that. We've got the US/North Korea summit next Tuesday followed by the Fed announcement on Wednesday. Perhaps we'll get some market movement out of that. For now we'll have to see how we close out the week tomorrow. Europe and Asia were higher last night. We'll finish up the first trading week of June tomorrow.
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