Tuesday, May 21, 2019
Back to the upside today as the Dow gained 197 points on about average volume. The advance/declines were almost 4 to 1 positive. This should stop the summation index from heading down. No news to speak of as the market is simply moving on its own volition. A nice light volume rally to the 2900 level on the S&P would set up nicely for the SPY June puts. That is what I hoping for at the moment. Everything that was written here yesterday remains the same as far as the strategy and the technical factors. Waiting out the week would seem to be the best course of action to take at this time. it is a holiday weekend on tap as well. GE was up a few cents on average volume. Gold was off slightly on the futures and the US dollar was just the opposite. The XAU and GDX had very slight fractional gains on very light volume. Oversold here but no interest to take positions by the major players as of yet. Mentally I'm feeling OK. Seems like we're just hanging around now in the market, waiting for the next move to take shape. The US/China trade talks seem to have been put on hold. There will be a meeting of the leaders but that won't happen until the end of June. That has moved headline risk to the back burner for now. So it's a wait and see approach for me at the moment. Earnings have pretty much come and gone. We're waiting for the next market catalyst and I'm not sure where it will come from. Patience for now. Asia was mixed and Europe higher overnight. We'll see how things go tomorrow.
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