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Thursday, June 20, 2019

The rally continues as the Dow gained 249 points on heavy volume.  The advance/declines were over 2 to 1 positive.  The summation index is moving up.  The S&P 500 closed at a new all time high.  The positive option expiration week bias has been in full effect.  New highs on good volume is a positive sign for the bulls.  Remaining overbought on the short term technical indicators as the rally lives on.  There was no news today but there seems to be plenty of money around to drive things higher.  Enjoy the ride.  GE was up about 1/4 on good volume.  Gold exploded to the upside and broke through its long term resistance.  The precious metal futures gained over $40.  The US dollar continued lower.  The XAU soared 3 1/2, while GDX added over a buck.  Volume was extremely heavy.  GDX is at the resistance of 25 already.  At this rate it will blast right through.  We may not get a pullback to get long at this rate.  Mentally I'm feeling OK.  Up, up and away at the moment.  Plenty of liquidity it seems.  I'm being called away right now so the blog has to be cut short.  More tomorrow.  Europe and Asia higher too.  We'll close out the week with option expiration tomorrow.   

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