Monday, June 03, 2024
In a word mixed is way to describe the current market situation as the Dow fell 115 points on average volume. The advance/declines were slightly negative. The summation index is beginning to stall. There was a trading glitch for some stocks during the day but it didn't last. The NASDAQ posted a gain on the session. The S&P 500 had a slight gain as well. The short term indicators here are now mid-range. Some economic data due out this week highlighted by the jobs report on Friday. But it's only Monday. Earnings season is winding down. We are still waiting on a decent signal to trigger the next trade for the SPY. Plenty of time left in the June option cycle so we won't try and push things. Gold was up twenty bucks on the futures. The US dollar was lower along with interest rates. The XAU and GDX finished mixed with fractional moves. Volume was light. Gold up and the gold shares not going along is not bullish. I do still have my open order for the GDX June calls out there though. Mentally I'm feeling OK. The VIX had a wide range today and finished slightly higher. The short term indicators here are around mid-range as well. So it seems we are in a period of indecision for the markets as to where we are going next. Or perhaps a sideways pattern is in the process of being developed. We'll know more as time rolls on. I wouldn't rule out new all time highs for some of the stock indices going forward either. But we'll see. Asia and Europe were higher for the most part to start the week. We'll see how it goes tomorrow.
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