Monday, April 26, 2021
We begin the week mixed as the Dow fell 61 points on light volume. The advance/declines were positive. The summation index is still tracking sideways. The overall market was stronger than the Dow, with the NASDAQ as the outperformer. Both the NASDAQ and the S&P 500 closed at new all time highs. There's no overhead resistance and as the earnings come in this week we should see further gains. We do have the Fed announcement on Wednesday to deal with but nothing new is expected there. 1st quarter GDP will come in on Thursday. So there are some potential market movers in the pipeline for this last week of April. GE was up a couple cents and the volume was heavy. Earnings due out here tomorrow. Gold rose three bucks as the US dollar finished little changed. Rates were little changed as well. The XAU and GDX had slight fractional moves one way or the other on very light volume. GDX remains overbought but not extremely so. I'm still waiting to see if we can get to oversold here. Mentally I'm feeling OK. The VIX was slightly higher today which doesn't fit with the mostly overall positive session for stocks today. The short term technical indicators here are mid-range. Not getting a clear signal here today on which way to go. However I'm still viewing last week as a consolidation before we move higher. So far so good but things can turn on a dime in this game. We'll see how the earnings coming out appear as I think we're in a just waiting on the Fed period for now. What the bulls don't want to see here is a roll over for the averages. Asia was mixed and Europe slightly higher in last nights trading action. We'll keep an eye on the overnight developments.
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