This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
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:
Post a Comment