Wednesday, May 15, 2019
Another day of gains as the Dow rose 115 points on light volume. The advance/declines were 2 to 1 positive. The summation index is moving lower but is also trying to turn around. No headline problems today for stocks. The short term technical indicators have stopped going down but haven't turned around yet. The VIX is moving lower and that's a plus for the bulls. Moving averages are holding things for the most part on the major indexes with the exception of RUT. Only a couple of days left in the May option cycle. GE lost a few cents on average volume. Gold was little changed, ditto the US dollar. The XAU and GDX didn't do much today and the volume was light. Mentally I'm a bit distracted with a hospital visit coming tomorrow morning. If all goes well the blog will return tomorrow. We've stabilized for a couple of days after Mondays crushing blow. The fact that we've held up for now it good but it could all turn on a dime. The next quote out of the US or China could move things up or down. I'm hoping we'll take a break from that soon since these countries leaders aren't getting together until the end of June. Technically we're short term oversold. The blog is short today as my mind is on my health. Trading has to take a back seat and that is no way to do it. The game requires your undivided attention. If you can't give it that, then the sidelines make perfect sense. Europe and Asia were both higher overnight. We'll keep an eye on the news this evening.
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