Monday, August 30, 2021
A mixed bag today as the Dow fell 56 points on light volume. The advance/declines were slightly negative. The summation index is still trending up but not with a lot of conviction. The NASDAQ and the S&P 500 both set new all time highs today, with the NASDAQ leading the way. I did place an order overnight for the SPY September puts but it wasn't filled. I might try this again tomorrow. The S&P remains short term overbought and the breadth today was not a plus. I'll go over things again tonight and then decide. Gold fell seven bucks on the futures. Rates were lower and the US dollar finished little changed. The XAU lost 2/14, while GDX shed 3/8. Volume was light. My open order for the GDX October calls is still out there. Mentally I'm feeling a bit tired. The VIX was a bit lower today and remains short term oversold but not extremely so. It appears to be implying higher prices to come. We've got the end of the month coming up tomorrow. I'm not sure how that will skew prices. Plenty of economic data due out this week, with the employment report on Friday very likely the most watched. But it is also the final week of summer so not all of the players have returned. Perhaps patience is the best plan for now. Europe and Asia were higher overnight. We'll keep an eye on tonights headlines.
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