Tuesday, April 18, 2023
We had a gap to the upside to start things off. Then the market sold off into negative territory and spent the rest of the session going sideways. It can't seem to make up its mind. The Dow lost ten points on light volume. The advance/declines were negative. The summation index continues to the upside. All the major indices finished with slight moves either way. The S&P 500 is still short term overbought. It doesn't look like we'll be making a trade this week there. Gold was up $10 on the futures. The US dollar was lower and interest rates were steady. Both the XAU and GDX had fractional gains on light volume. I did place an overnight order for the GDX April calls but it wasn't filled. Might try again tomorrow but we are really running out of time for this idea. Mentally I'm feeling OK. The VIX was lower again today and the short term oversold condition persists. It doesn not look like the RSI here will make it down to our target of 30 in order to attempt the SPY April puts. So it looks like we'll remain on the sidelines until the next option cycle unless we try the GDX calls with three days to go. Asia was mixed and Europe higher overnight. We'll see how it goes tomorrow.
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