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Wednesday, May 05, 2021

Another mixed session as the Dow gained 97 points on very light volume. The advance/declines were slightly positive. The summation index is moving sideways. Once again the NASDAQ was lower as the overall market just can't seem to get its act together one way or the other. I'm being patient with regards to the SPY as we still have the jobs report to digest on Friday. GE was up almost a dime on light volume. Gold was up about $9 on the futures and the US dollar finished basically unchanged. Rates were a bit lower. The XAU rose 1 1/2, while GDX edged higher by 1/3. Volume was light. I'm still considering the GDX May calls. Mentally I'm feeling OK. The VIX was lower today and is also figuring out which way to go. My best guess here is that the market rallies on the jobs report Friday but that's still just a guess. The short term indicators for the S&P 500 are about mid-range and the Bollinger bands are contracting. Some kind of move is going to happen soon in my view. The easy money hasn't gone away so I'm sticking with the bulls for now. I think that Friday may very well tell the story. It's a matter of whether or not to take a position before then. Asia was mixed but it's still a holiday for some there. Europe was higher. We'll see how it goes tomorrow.

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