Monday, March 29, 2021
Another mixed session as the Dow was higher and the overall market lower. The most watched index gained 98 points on good volume. The advance/declines were over 2 to 1 negative though. This is turning the summation index back down. The overall market was weaker once again with the NASDAQ leading the way lower. I still think that we're going to see higher prices in the near term but if the summation index continues lower I'll have to change my view. Talk of a hedge fund going belly up isn't helping the bulls. Rates ticked up again today as well. We'll see where we go from here. GE was off a few cents and the volume was light. Gold was off $17 today as the US dollar was higher. The XAU and GDX finished flat on the session and up from their lows. I do still have my open order for the GDX April calls out there. The gold shares are holding up well when gold itself is dropping. That is bullish going forward. I'd like to see the order get filled but I'm not going to adjust the price just to make that happen. I'll reconsider what to do tonight. Mentally I'm feeling OK. The VIX moved back above the 20 level today. The short term technical indicators have moved back up. Thay have been going back and forth for over a week now. The VIX needs to get and stay below the 20 level for the rally to continue. A negative day tomorrow for the market would change the scenario. Europe and Asia were generally higher overnight. We'll keep an eye on tonights developments.
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