Thursday, April 11, 2019
Another day of hanging around as the Dow fell 14 points on light volume. The advance/declines were slightly positive. The summation index is tracking sideways. I did have an order in for the SPY April calls but it wasn't filled. I decided not to chase it. If we have some weakness tomorrow morning I may give it another try. Otherwise I'll just have to wait for a better set up. Still short term overbought for the major stock indices. Running out of time in the April option cycle. I guess we'll take a look at the bank earnings and go from there. GE lost a few cents on light volume. Gold got drubbed and the futures fell almost twenty bucks. The US dollar was higher. The XAU shed another point, while GDX lost 1/3. Volume picked up to the downside and that is bearish for the gold shares. Perhaps the GDX May calls will be the next trade. Mentally I'm feeling OK. I would sure like to try the SPY calls here because like I've said before, we've seen this picture time and time again. Basically sideways for the S&P 500 the past three days as the market decides which way to go. With option expiration week almost upon us, we know the usual answer will be higher for prices in the near term. I perhaps should have chased things today but tomorrows open will tell the story. If it's higher I'll just have to sit things out. If it's lower, then I may have a chance at a trade. So we'll see. Nothing to do but wait for now. Asia was generally lower and Europe higher overnight. Brexit has now been postponed until Halloween. That whole situation is really a joke but at least it hasn't really affected the day to day market action. We'll close out the week tomorrow.
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