Thursday, March 30, 2023
The beat goes on as the Dow rose 141 points on light volume. The advance/declines were 2 to 1 positive. The summation index is moving up. The NASDAQ continues to outperform. We're going higher and now declines can be used to get long. The S&P 500 is short term overbought but that shouldn't stop things from going higher. Inflation data out tomorrow and it should be a market mover. Also the end of the month and quarter so there might be some gyrations during the session. We are still looking at the S&P to get up to 4200 during this run. Gold was up over $30 on the futures. The US dollar was lower and interest rates were little changed again. The XAU was up 2 points while GDX gained 1/2. Volume was light. Remaining short term overbought for the gold shares as well. Waiting for a pullback here to perhaps get my open order for the GDX April calls filled. Volume is getting lighter now for the gold shares so perhaps this move higher is about to stall. Mentally I'm feeling OK. The VIX was just a bit lower today. Pretty oversold on the short term indicators. The daily candlestick chart here appears to want to go lower. Below the 20 level on the VIX and that's a plus for the bulls. We'll get the inflation data in the morning and go from there. Not sure what to expect. But the tone of the market has changed from panic to buying and the summation index is moving up. We won't try and fight that. Europe and Asia were up with the exception of Japan. We'll close out the trading week tomorrow.
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