Thursday, February 13, 2020
It was a back and forth session as the Dow lost 128 points on average volume. The advance/declines were just about even. The summation index is moving sideways. The market was lower early but as has been the case buyers showed up and we rallied most of the day. Some late selling put us negative on the day. We are still short term overbought and overdue for some type of decline. Might have to wait until after expiration for a drop. Or if recent history prevails, the market will simply grind higher. Just a week left in the February option cycle. I'll try not to do anything stupid. No guarantees. GE lost 1/4 on average volume. Gold was up $5 on the futures and the US dollar was slightly higher. The XAU added a point, while GDX was up almost 1/4. Volume was pretty light. Waiting to see which way things go here as the XAU Bollinger bands imply. Mentally I'm feeling OK. The VIX is getting oversold now. It can stay that way in up trends. More noise form the China virus today but the effect was short lived for now. I now get the feeling that we'll see 3400 on the S&P 500 and 30000 on the Dow in short order. Sellers are met with buyers before the selling even gets started these days. I guess I'll be on the sidelines until I can get things figured out again. Europe and Asia were slightly lower last night. We'll close out the trading week tomorrow ahead of a long weekend.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment