Wednesday, August 22, 2018
A mixed bag today as the Dow fell 88 points on very light volume. The advance/declines were slightly positive. The summation index continues to move up. The Dow was weaker than the overall market, with the NASDAQ in positive territory. Headline risk has returned but the market just shrugged it off today. This is a market that seems to want to go higher. We're still short term overbought on the major indices but that doesn't matter in rallies. RUT was higher today and the VIX turned back down. I'm expecting more upside in the next couple of days. GE lost over 1/8 but the volume was lighter than yesterday. Gold was up a few bucks on the futures as the US dollar dropped slightly today. The XAU and GDX had slight fractional gains again on very light volume. My GDX September calls are dead. Mentally I'm feeling OK. Friends of Trump were being convicted yesterday after the bell and the futures had a good drop. But the market came all the way back today before drifting lower into the close. The market is ignoring much of the bad news that is appearing lately. That is usually the case when things want to get going higher. The only trouble I see here is that its the last couple of weeks in August and a lot of the players aren't at their desks. That said, I still have my open order out there for the SPY September puts. The Fed minutes were a non-event today. There isn't much else on the economic agenda this week. Chairman Powell will speak on Friday. We'll simply keep watching and waiting for now. Asia was mixed and Europe slightly higher overnight. On to Thursday.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment