Wednesday, June 26, 2019
Just hanging around today as the Dow fell 11 points on average volume. The advance/declines were slightly positive. The summation index is moving sideways. Nothing new to report really. The short term technical indicators have turned down but it looks like they may be trying to curl back up. Potential double tops are still in place for a few of the major stock averages. End of the month coming up as well as the G-20 meeting with the US/China get together. I doubt there will be a lot of positions taken ahead of that because the results are unknown. And even when they are known, questions will remain. Interesting times. GE was up a nickel and volume remains light. Gold lost six bucks and is due for a rest here. The US dollar was slightly higher. The XAU and GDX were little changed on good volume. They did both finish well above their lows for the session. Mentally I'm feeling OK. Things are on hold ahead of this weekends meetings. We'll get the reaction to all that on Monday and then it's a holiday week with the market closed on Thursday. Most players will be off on Friday and some will take the whole week. So unless there is a strong signal to do something, sitting things out for now is the strategy. There will still be a couple of weeks left in the July option cycle after the holiday on the 4th. I'm hoping to get a chance at the longer term GDX calls at some point. That's the plan for now. Otherwise we'll remain patient and simply wait for the next perceived opportunity. Europe and Asia were generally lower overnight. We'll keep an eye on the after hours headlines.
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