Wednesday, February 08, 2023
Sellers took charge today as the Dow fell 207 points on lighter volume. The advance/declines were 2 to 1 negative. The summation index is tracking sideways. We spent the session in negative territory. The NASDAQ led the way lower. Up trend lines remain intact for both the S&P 500 and the NASDAQ. The S&P is still short term overbought on the indicators. We're remaining on the sidelines for now with regards to trading the SPY. Gold was up a few bucks on the futures again. The US dollar was a bit higher and interest rates a bit lower. The XAU was off a buck and GDX shed 1/4. Volume was very light here. GDX is now short term oversold and holding above its 50 day moving average. This would seem to be the logical spot to try the GDX February calls. We'll consider it tonight. Mentally doing OK, not 100%. Trying to get back to normal but it takes time. The VIX was up today and that fits a down market. The short term indicators are heading higher and are at mid-range. The VIX remains below the 20 level and below its 50 day moving average which are good signs for the stock bulls. Still waiting on a big move here as the Bollinger bands converge. Asia was mixed and Europe generally higher overnight. We'll keep an eye on tonights developments.
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