Thursday, September 02, 2021
Higher today for the Dow as it rose 131 points on light volume. The advance/declines were positive. The summation index continues higher. New highs for the NASDAQ and the S&P 500. Both remain short term overbought. No open orders out there for me for now. I'm going to let the employment data play out as it will and look to get some SPY September puts next week. That's teh game plan for now. Gold finished little changed again as it decides which way to go. The US dollar was weaker and interest rates were little changed. The XAU and GDX had slight fractional gains on light volume. Most likely tomorrows jobs report will provide the excuse for whichever way gold goes from here. Could go either way in my view. Mentally I'm feeling OK. The VIX was slightly higher today which doesn't fit an up market. Not sure what that means but as long as it stays below the 50 day moving average it should be constructive for stocks. We'll see how the market reacts to the jobs report and take it from there. I'm pretty sure that I'll be waiting until next week to put on the next trade. All the players should be back at their desks by then. There will only be nine days left in the September option cycle on Tuesday as the Labor day holiday weekend is upon us. I suspect traders will be leaving early tomorrow. Europe and Asia were generally higher in last nights trade. We'll close out the week and the unofficial end of summer trading tomorrow.
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