Thursday, September 22, 2022
Attempting to stabalize as the Dow fell 107 points on average volume. The advance/declines were better than 4 to 1 negative. The summation index continues lower. The NASDAQ led the way down and that is not a plus. Short term oversold on all the major stock indices. The market is holding up rather well considering we are crossing the zero line on the summation index. Perhaps things will hold in here and we won't see the collapse that we are in the zone for. We'll know in the coming days. Blown out on the downside to be sure and maybe we'll get a near term bounce. But there are no good reasons to be an investor at the moment and there is more bad news to come as rates continue to climb. Gold rose $5 after being down more early on. The US dollar was higher along with interest rates. The XAU and GDX had fractional moves lower on average volume. Mentally I'm feeling OK. The VIX was lower today which doesn't fit with a down market. Lately the VIX has been leading the market on a short term bais. If that is the case again expect to see higher prices tomorrow. We'll see. On the sidelines with regards to any trades for now. The GDX October call order remains open. Europe and Asia were lower overnight. We'll close out the trading week tomorrow.
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