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Wednesday, September 29, 2021

It was an up session for the day with a lot of back and forth in between. The Dow gained 90 points on light volume. The advance/declines were positive. The summation index is tracking sideways after trying to turn down yesterday. The market seems to trying to make up its mind what to do here. On the plus side there was no downside follow through to yesterdays debacle. On the minus side the Dow was the leader and the NASDAQ finished in the red. The potential head and shoulders top in the S&P 500 hasn't been triggered. My SPY October puts are still in the black but did lose some ground today. I'll hold them for now. Gold dropped another ten bucks. The US dollar had a strong session, while interest rates were a touch higher. The XAU lost almost 3 points and GDX shed 1/2. Volume was good to the downside again. No love for the gold shares and GDX is even further away from the 50 day moving average. I'm looking at the January calls here but certainly not in a hurry to purchase. Mentally I'm feeling OK. The VIX was lower today. The indicators there aren't giving a good sign one way or the other right now. The VIX remains over the 20 level. We've got the end of the month tomorrow to deal with. Perhaps we'll see some new money flows on Friday the 1st. I'm trying to manage the current trade to the best of my ability. I still think that we need to get down to the 4300 level on the S&P and see what happens if we get there. But I could be wrong. Europe was higher and Asia lower last night. We'll keep an eye on the overnight developments.

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