Tuesday, September 18, 2018
Back to the upside as the Dow gained 184 points on light volume. The advance/declines were positive. The summation index is still heading lower though. Todays price action does fit the parameters for the move telegraphed by the McClellan oscillator on Friday. It is also options expiration week and in normal times that means a positive bias. These are relatively normal times for the market. We did finish well off of the highs for the session. The broader market didn't fare as well as the Dow. I canceled my open order for the SPY October puts. I still like the idea but perhaps from higher levels. GE dropped a few cents and the volume was light. Gold dropped a couple bucks as the US dollar was slightly higher. The XAU and GDX had slight factional gains on average volume. The gold shares have been acting better lately. Mentally I'm feeling OK. So on it goes. No really good or bad news to trade off of. The market seems to simply keep going up. I am keeping an eye on the small stocks here because they are not leading us up this time around. I'm also trying to remain patient because there is plenty of time left in the October option cycle. The short term technical indicators are more overbought than oversold but not extremely so. So for now it's watch and wait. Europe and Asia were generally higher overnight. We'll see what tomorrow brings.
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