Monday, February 11, 2019
A mixed bag today as the Dow fell 53 points on lighter volume. The advance/declines were almost 2 to 1 positive. The summation index is moving up. Both the NASDAQ and the S&P were higher on the session. I would still like to get some SPY February calls tomorrow on weakness but it doesn't look like the market will cooperate. The futures are already up 14 points on the S&P as it appears that a deal will be struck to keep the US government open Friday was the deadline for a deal there. Perhaps I should simply buy some calls at the open but I do not think that this is something I want to chase. I guess I'll have to come up with another idea. GE was up almost 1/4 but the volume was lighter. Gold dropped $7 on the futures as the US dollar continues to move higher. The XAU was off almost a point, while GDX lost 1/4. Volume was average. The gold shares have held up rather well despite a rise in the dollar. It's something to keep an eye on. Mentally I'm feeling OK. Still short term overbought for the major stock indices and that doesn't look like it's going to change. Perhaps my next trade will be the SPY puts but I'll have to go out to March if that's the case. Only 4 days left in the February option cycle and we're coming up on a holiday weekend as well. It looks like I'll have to remain on the sidelines though. We'll see what happens tomorrow. Asia and Europe were higher on Monday. It looks like markets around the globe are going to rally tonight as the futures are higher throughout. It looks like the US shutdown deal has a wide reach. We'll see how it goes tomorrow.
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