Wednesday, May 22, 2019
We bounced around today but ended the session lower as the Dow fell 100 points on light volume. The advance/declines were negative. The summation index is still moving down. it tried to turn around but failed for now. Nothing really new to report today, all technical conditions remain the same. It is a good week to watch in my opinion and that is what we'll do. Patience is required for the next set up and we'll simply wait for that. GE lost a few cents on average volume. Gold and the US dollar finished little changed. The XAU dropped 1 1/4, while GDX shed 1/3. Volume was average. Mentally I'm feeling OK. A couple more days before a holiday weekend in the US. Combine that with the extra week in the June option cycle and you have your reasons for sitting things out. I do believe that we'll get some kind of decent opportunity in the S&P for the June cycle. I just don't what or when that will be. I can say that it probably won't be this week. So we'll remain on the sidelines for now. Asia was up a bit and Europe mixed in the overnight trading. We'll see what tomorrow brings.
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