Thursday, June 27, 2019
The Dow is running in place as it fell 10 points on light volume. The advance/declines were better than 2 to 1 positive. Obviously the overall market is doing much better than the Dow. Today should move the summation index back to positive territory but it isn't exactly moving higher just yet. The economic data that has been coming out has been a bit light. But the market is simply waiting to hear what happens over the weekend with the US and China. That is where we are at. End of the month, quarter and half the year tomorrow. GE was up 1/8 and the volume remains light. Gold was slightly lower and the US dollar little changed. The XAU and GDX had fractional losses on average volume. Simply waiting for things to get oversold here but it could take a while. Mentally I'm feeling OK. Nothing new to report. All that was said so far this week still applies. The short term technical indicators for the major averages are trying to turn back up. The short term indicators for the gold shares have now rolled over and still remain overbought. I'm expecting stocks to head back up and hit new all time highs again. I'm hoping gold takes a breather and I'll be able to get positioned in the September or October GDX calls. It's still a watch and wait mode for me. Asia was higher and Europe mixed in last nights trade. We'll close out the trading week tomorrow.
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