Pageviews past week

Thursday, September 20, 2018

New all time highs in the Dow today as the most watched index soared 251 points on almost average volume.  The advance/declines were 2 to 1 positive.  This could turn the summation index around.  Perhaps the run up that I didn't think was going to happen really is about to occur.  The VIX remains below 12 and the RUT had a pretty good day as well.  I'm not exactly convinced though, so I adjusted my SPY October put order to a higher strike price.  Some of my TRIN numbers are showing a very overbought condition.  But I can't rule out a melt up like we saw in January either.  I'll be keeping a very close eye on things going forward.  We are at least seeing a positive expiration week which is according to plan.  GE was down 40 cents on good volume.  Don't know what the story is there.  Gold was only up a few bucks despite a decent drop in the US dollar.  The XAU and GDX were little changed on OK volume.  Mentally I'm feeling OK.  Is this the start of a new leg up is the question.  It seems the McClellan oscillator is saying so.  Especially if we see good breadth tomorrow and a high positive reading.  So maybe the market has digested the tariff tiff and is ready to move forward.  Or maybe we're just getting some triple expiration maneuvering.  Whatever the case, I should probably just let tomorrow pass and get ready for next week.  Europe and Asia were both higher overnight as well.  We'll see how the trading goes tonight. 

No comments: