Pageviews past week

Wednesday, March 13, 2024

A quiet sideways session for the most part with a little volatility in the last half hour. The Dow managed a gain of 37 points on good volume. The advance/declines were positive. The summation index is still moving higher. Both the NASDAQ and the S&P 500 finished in the red with the NASDAQ leading the way. We did get a signal yesterday from the McClellan oscillator for a big move within the next couple of days. We'll see if that pans out tomorrow but that signal hasn't worked lately. The S&P 500 remains short term overbought. Inflation data tomorrow should provide a reason for market movement. I wanted to try the SPY March puts but there isn't a clear signal so I'm on the sidelines. We'll roll into the April option cycle there. Gold was up a dozen on the futures. The US dollar was slightly lower and interest rates were up a bit. The XAU gained 3 1/4, while GDX was up almost 3/4 making up for yesterdays losses. Volume was above average. GDX is short term overbought and staying that way. It appears that GDX is poised to run up into Fridays expiration but we'll see. I still like the idea of the GDX April calls but do not want to chase it here. However if there isn't a pullback soon I may have to change my mind. Mentally I'm feeling OK. The VIX was slightly lower today. Not sure what's next here as it closed on its 50 day moving average. An inflation surprise tomorrow will get things moving either way. If the numbers are in line most likely the market will move higher. But we'll let the market decide where it's going in the near term. Asia was generally lower and Europe generally higher overnight. We'll see what tomorrow brings.

No comments: