Tuesday, November 27, 2018
It was kind of a mixed market today but the Dow did manage a gain of 108 points on average volume. The advance/declines were negative though. The summation index is basically heading sideways. The RUT and NYSE were down on the session. We'll see how the market reacts to the Fed tomorrow and go from there. We've got the end of the month coming up as well. My SPY December calls remains losers. GE was off 1/8 on heavy volume. Gold fell eight bucks as the US dollar continues to climb. The XAU lost 1 1/8, while GDX dropped 1/3. Volume was good. I did place an open order for the GDX January calls. We'll have to see some more decline in the gold shares for this trade to be triggered. Mentally I'm feeling OK. Waiting on chairman Powell at this point in time. That is all that we can do as the market will react one way or the other to what he says. The short term technical indicators for the major averages remain oversold. How they move tomorrow may lend a clue as to where we're heading. This is a seasonally strong period for stocks usually. However so far this year the usual seasonal factors for various groups has not panned out. We'll see what happens this time around. Asia was generally higher and Europe lower in last nights trade. We'll see what tomorrow brings.
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