Wednesday, June 02, 2021
It seems like a market that is just hanging around as the Dow gained 25 points on heavy volume once again. The advance/declines were positive. The summation index is moving higher. Plenty of volume but not much movement spells either accumulation or distribution. Perhaps the market is just waiting for the jobs report. Whatever the case I cannot make up my mind for either the calls or the puts for the SPY. We remain short term overbought for the S&P 500 but the summation index is moving up. The TRAN was lower today, that may or may not mean something. The Robinhood crowd is back at it as AMC gained 100% today. That's surely a sign of speculation. I'll continue to watch what's going on in hopes of coming up with some type of near term strategy. GE was off a nickel and the volume was light. Gold was up $9 on the August contract. The US dollar was a bit higher, rates a bit lower. The XAU and GDX had minor fractional gains on very light volume. My open order for the June GDX calls remains The gold shares are atill short term overbought and staying that way. Mentally I'm feeling OK. The VIX was a touch lower today and remains oversold. Not getting any help here as to the markets future direction. The beginning of June feels like the summar doldrums so far but that probably won't last. Something has to give sooner or later but I don't have a good feel for what's about to happen. Maybe tomorrow will help put things in focus. Asia was mixed and Europe higher overnight. We'll keep an eye on tonights headlines and take it from there.
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