Friday, February 04, 2022
It was an up and down type of session as the market tried to make up its mind what to do. The Dow was off 21 points on good volume. The advance/declines were slightly negative. The summation index is moving sideways. The jobs report came in better than expected. We were back and forth then got a decent rally only to drop in the final half hour. The NASDAQ was up over 200 points and that's a plus even though it was mostly due to Amazons earnings beat. We also didn't get any downside follow through to yesterdays debacle. The S&P 500 remains below its recent down trend line but the short term indicators are trying to turn back up. It might be worth it to try the SPY February puts if we make it back to that line but we'll see. Gold finished up a few bucks after bouncing around during the session. The US dollar finished little changed but interest rates rose. The XAU and GDX had fractional gains on light volume. I did have an order out there for the GDX February calls but canceled it before the close. Not exactly sure now what to do regarding GDX in the near term. Mentally I'm feeling OK. The VIX was a bit lower today. Still above the 50 day moving average and the 20 level. Getting short term oversold on the technical indicators. I have more questions than answers right now and that doesn't inspire much confidence for trading. Plenty to ponder over the weekend while checking out the charts. Two weeks left in the February option cycle so there's time to take on a trade. Some economic data due out next week but Thursdays inflation report will be the most watched. Asia was mixed and Europe lower to finish the trading week. It's Friday afternoon and time for a rest.
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