Tuesday, July 16, 2019
Minor selling today as the Dow fell 23 points on average volume. The advance/declines were slightly positive. The summation index continues higher. the overall market was weaker than the Dow. We're still short term overbought for the major stock averages. My guess is that we'll muddle through the week and go from there. Basically on hold until the Fed at the end of the month. Earnings will drive specific stocks. GE was up a dime on light volume. Gold was off a little over $5. The US dollar was higher. The XAU and GDX had slight fractional moves on light volume. I'm still looking to get the longer term calls here. Mentally I'm feeling OK. We are now in summertime market mode. No big swings and lethargic trading. Players away from their desks. Not a lot of activity. Patience for a proper set up is the way to go here until after Labor day. Then things should get interesting again. We sometimes get an August swoon and I'll be on the lookout for that. But for now it's the middle of July and I'm not in a hurry to do anything. Asia was lower and Europe higher last night. We'll see how it goes tomorrow.
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