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Monday, April 01, 2019

And away we go as the Dow climbed 329 points on average volume.  The advance/declines were 3 to 1 positive.  The summation index has turned around and is moving up.  Stocks were higher around the world as money flows continue into equities.  Better news out of China was the catalyst as the US data was not inspiring.  We are only going higher from here in my opinion but it looks like it's too late to participate.  Any declines can be bought.  GE was up 1/8 on light volume.  Gold was off $6 on the futures as the US dollar ended the session little changed.  The XAU dropped 1 1/4, while GDX shed almost 1/2.  Volume was good.  The up trend line in GDX that had been in effect since November was violated to the downside today.  I did not buy the calls when we got to the line like I said I should have done previously.  There's now a potential double top in place for GDX but that hasn't been confirmed yet.  I can make the case for support at another up trend line at 20.5, which coincides with the 200 day moving average.  However that's a long way from where we are now and would take quite some time to develop.  Mentally I'm feeling OK.  Breaking out to new highs on the year for the S&P 500.  The next overhead resistance would be the all time highs at around 2950 which is still quite a way to go.  At this rate we are going to get there.  Barring some negative unforeseen headline coming out of nowhere, we're going up.  With just a little under three weeks to go in the April option cycle, I hope to get another chance to participate.  Missing trades is as painful as losing trades but the game simply keeps moving along.  We'll have to see how the rest of the week shapes up ahead of the employment report on Friday.  Foreign stocks were higher overnight.  We'll keep an eye on tonights headlines.

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