Pageviews past week

Monday, April 29, 2019

The Dow sold off in the final hour but did manage a gain of 11 points on the day.  The advance/declines were positive and the volume was light.  The summation index is moving sideways.  We've got the Fed this week along with earnings and the end of the month tomorrow.  Plus the jobs report on Friday.  So there will be plenty of opportunities for the markets to move.  New all time highs for the NASDAQ and the S&P.  Where do we go from here?  There's still no overhead resistance and the tend is up.  GE was up over 1/8 on average volume.  Earnings here due before the bell tomorrow.  Gold dropped $7 on the futures and the US dollar was a bit lower as well.  The XAU fell 1 3/4, while GDX lost almost 1/2.  Volume was average.  I'll need to see GDX turn around here again or my GDX call trade will be dead.  We managed to hang on to the weekly up trend line at the close on Friday.  But we'll have to see about this week as well.  Mentally I'm feeling OK.  The VIX remains low and there is nothing on the horizon that would suggest otherwise.  We are moving into a different seasonal time frame for stocks that is not as positive as the one that we're exiting.  That doesn't mean things have to go down right away but it does mean that the path upward may not be as easy.  Money has been flowing into stocks worldwide though and that's a plus.  However things do remain overbought for equities and have been for quite some time.  This will not last forever.  Asia was mixed and Europe higher in last nights trade.  We'll keep an eye on the overnight headlines.   

No comments: