A mixed bag by the close today as the Dow gained 54 points on end of the month heavy volume. The advance/declines were negative. The summation index is trending lower but without conviction for now. The NASDAQ posted a loss while the S&P 500 was basically unchanged. The inflation data came in where expected. The US tariffs are now in the hands of the courts. There are plenty of questions without any answers at the moment. The technical picture for the S&P hasn't changed. Short term overbought but not completely. There is still a short term up trend line intact here so that is a plus for the bulls. But any drop from here would violate that line. I'm remaining on the sidelines with regards to the SPY options for now. Gold dropped $30 on the futures. The US dollar was higher and interest rates finished slightly lower. The XAU and GDX had fractional gains on light volume. Once again the gold shares did better than gold itself and that's a plus. I'm still considering the GDX calls for the next trade. However GDX does remain short term overbought. Mentally I'm feeling OK. The VIX was lower today and remains below 20. Still short term oversold but there is room to go lower on the indicators. Not sure what's in store next for the VIX. Moving into June with plenty of time left for the option cycle. I'll be checking the charts as usual this weekend to try and come up with a decent idea. Asia was lower and Europe generally higher to close out the week. It's Friday afternoon and time for a rest.

We had a huge upside gap to start the day, bounced around for much of the session and closed with modest gains. The Dow rose 117 points on good volume. The advance/declines were better than 2 to 1 positive. The summation index is tracking sideways. US courts have now deemed the tariffs illegal and they must stop within 10 days. We'll see if that happens or not. It's just another wrench thrown into the mix of things that the markets have to digest. The current headline risk is extreme. The NASDAQ led the way up today and that's a plus. But markets did fall off from the highs on the session as the price action was sloppy considering what was seen as positive news. The S&P 500 remains short term overbought but not completely. End of the month tomorrow and inflation data on tap. Still no SPY trades for now. Gold was up twenty bucks on the futures. The US dollar was lower along with interest rates. The XAU and GDX had fractional losses on light volume. Volume has tapered off on the gold shares and that isn't a positve. GDX remains short term overbought. Mentally I'm feeling OK. The VIX was bit lower today which fits the up move in stocks. The short term indicators here are trending lower but not yet completely oversold. Below the 20 level and that's a plus. We are going to let tomorrow go by and look to make the next trade at some point in June. Asia higher and Europe lower overnight. We'll close out the week and the month tomorrow.

No upside follow through to yesterdays good gains as stocks opened higher and closed lower for a one day downside reversal. The Dow fell 245 points on good volume. The advance/declines were 3 to 1 negative. This should send the summation index trending lower again. The Dow barely led things lower and that isn't the worst scenario. The short term indicators for the S&P 500 are tracking sideways. I'm not sure where we're headed next as you could make a case either way. No solid trading signal at the moment. Waiting on inflation data Friday that should be benign. NVDA earnings after the bell today. Gold was off six bucks on the futures. The US dollar was higher along with interest rates. The XAU was up 1 3/4 and GDX added 1/2. Volume was light. The gold shares are outperforming here and that is a positive. GDX is short term overbought. Mentally I'm feeling OK. The VIX was up slightly today and that fits with a down market. The short term indicators here are beginning to stall after yesterdays drop. Not sure what's next for the VIX. It is a waiting game for now with regards to the next trade as we'll have to wait for a valid signal to develop. Asia and Europe were lower in last nights trade. We'll see what tomorrow brings.

Positive tariff news over the weekend led to a gap higher at the open and the market never looked back. The Dow gained 740 points on heavy volume. The advance/declines were around 6 to 1 positive. This should have the summation index moving sideways. The NASDAQ led the way and that's a plus. The short term indicators for the S&P 500 have turned back up. Are we on our way to new all time highs in the June option cycle? Time will tell. One day doesn't make a rally but it sure feels like things are going to go higher. Some earnings due this week including NVDA. Inflation data out on Friday which is also the end of the month. We are still at the mercy of the next headline but for now things look positive. Gold dropped $62 on the futures. The US dollar was higher and interest rates were generally lower. The XAU dipped 1 1/4, while GDX slipped 3/4. Volume was average. GDX remains short term overbought on some of its indicators. Considering the drop in gold the gold shares held up rather well. I'm still considering the GDX June calls as the next trade. Mentally I'm feeling OK. The VIX was lower today and closed below both its 200 day moving average and the level of 20. The short term indicators here are now heading back down. It's another reason to be positive on stocks at the moment. But like we've been saying, things can turn on a dime in this kind of trading environment. However we don't think that they will in the near term. Asia was mixed and Europe higher overnight. We'll see if we get any upside follow through tomorrow.

A huge gap lower at the open and the market never recovered from it. The Dow fell 256 points on good volume. The advance/declines were negative. The summation index is now moving down but not with any conviction yet. The NASDAQ was the leader heading lower and that is not a plus. It wasn't a major head to the exits ahead of a long weekend though. The S&P 500 closed on the near term up trend line and its 200 day moving average. The short term indicators here are moving lower with room to go. My guess is that the S&P will hold up here but that will depend on what goes on over the weekend. There could be news that affects markets either way. On the sidelines with regards to the SPY options for now. Gold was up $64 on the futures and had a very strong week to the upside. The US dollar was lower as were interest rates. The XAU gained 4 1/3 and GDX was up around 1 1/3. Volume was a bit above average. The short term indicators for GDX are still moving up and are not yet short term overbought. This was yet another GDX call trade missed by me but I'm not sure chasing it here is the right thing to do. I could be wrong. Mentally I'm feeling OK. The VIX was up today but did finish well off of its highs for the session. The short term indicators here are moving up and are now at mid-range. I thought that the VIX would be moving lower here and that was wrong. Not sure what to expect next but the VIX is above the 20 level and more volatility would not be out of the question. I'll be going over the charts this weekend to try and come up with some type of game plan going forward. Plenty of time left in the June option cycle. Asia higher and Europe lower to close out the week. It's Friday afternoon and time for a break.

Buyers returned today as we did not see follow through selling to yesterdays debacle. It was a tug of war though without any progress one way or the other. The Dow dipped a point on heavy volume. The advance/declines were slighty negative. The summation index is stalling here. Whatever gains we had today were wiped out in the last hour of selling. The NASDAQ did post a gain though and that's a plus. The S&P 500 had a very slight loss. Some of the short term indicators here are trying to turn back up. Still in the short term overbought area for the S&P. No SPY trades for now. Gold dropped twenty bucks on the futures. The US dollar was higher and interest rates were lower. The XAU dropped 1 1/2, while GDX shed 1/4. Volume was light. Some of the short term indicators for GDX are beginning to stall. I'm still looking at the calls here if we see some selling in the gold shares. Perhaps next week as I don't think traders will be dumping gold ahead of a long weekend in the US. Mentally I'm feeling OK. The VIX bounced around today and closed above the 20 level. The indicators here are trying to roll over before getting to mid-range. My guess is that they will head back down as the market moves higher in the near term. The VIX is hard to predict though. We will let Friday pass on by and get ready for next week. Europe and Asia were lower overnight. We'll close out the week tomorrow.

We saw some actual selling today as the Dow fell 816 points on heavy volume. The advance/declines were 9 to 1 negative. The summation index is beginning to stall. Things were moving along smoothly until near the end of lunch hour when the market started to tank. The Dow led the way down so I'm not inclined to think that a sustained move lower is coming. If the NASDAQ takes the lead that would change my view. The short term indicators for the S&P 500 have started to roll over but it remains overbought. The S&P remains above both the 50 and 200 day moving averages. Gold added another $37 on the futures. The US dollar was lower and interest rates were higher. The XAU was up over 2 points while GDX rose 2/3. Volume was a bit above average. GDX made it past its short term down trend line. The indicators here are moving higher with room to go before hitting overbought. I'm still in the camp of getting the June calls here if we see some pullback but it is probably too late. Mentally I'm feeling OK. The VIX was higher today which fits a down market. It is now back above the 20 level and its 200 day moving average. The short term indicators are finally moving up from the oversold region. Tomorrow will be important to see if today was just a one day wonder or maybe something that will last a bit longer. The VIX did break above the near term down trend line today. Today was the first decent sign of selling in about a month. The short term up trend line for the S&P 500 comes in around 5800 and another day like today would take us through there. So much for a quiet week ahead of the holiday weekend. Asia and Europe were generally higher overnight. Tomorrow will probably tell us a lot about where we are going. We'll keep an eye on the overnight headlines.

A pause in the party today as the Dow fell 114 points on average volume. The advance/declines were negative. The summation index is still moving up. Not a huge decline or broad based as it looks like some profit taking for now. The S&P 500 remains short term overbought. This could be a week of hanging around before a holiday weekend in the US but we'll have to wait and see how it plays out. No SPY trades in mind at the moment. Gold rallied again with the futures up $63. The US dollar was lower and interest rates finished flat with the exception of the 30 year. The XAU was up 5 1/3, while GDX tacked on 1 3/8. Volume was above average for the gold shares. It appears that I've missed the call trade here again. I canceled my open order for the GDX June calls as it was not going to get close to getting filled. GDX is now at the short term down trend line on the daily chart. The longer term up trend line currently lies at 44.5. Some of the short term indicators here are mid-range and pointing up. Mentally I'm feeling OK. The VIX finished basically flat and is still short term oversold. Below the 20 level and its 200 day moving average. Don't know what to expect next here but more sideways movement would not be a surprise. That would be a plus for stocks in the near term. Europe and Asia were higher with the exception of India. I'll keep an eye on the overnight developments.

It was a one day upside reversal for most of the major indices including the Dow. The most watched index gained 137 points on light volume. The advance/declines were negative. The summation index is moving up. We had a huge gap lower to begin the day but then climbed back out of it over the rest of the session. Buyers and liquidity don't seem to be a problem at the moment. The S&P 500 had a sharp turn around as well. It remains short term overbought. Not sure how much longer the overbought condtion can go on. It has been over-extended for a while already. We cannot argue with price though. Gold was up $47 dollars on the futures. The US dollar was lower and interest rates finished mixed. The XAU was up 3 1/2, while GDX gained a point. Volume was average. I did place an order overnight for the GDX June calls. GDX would have to see a drop down to the 44 level for this order to have a chance at being filled. I'm leaving the order out there but it's possible that I'm too late here as the short term indicators for GDX have already started to turn higher. Mentally I'm feeling OK. The VIX was higher today but off of the best levels for the session. It still remains short term oversold. I don't have a good idea of what's next for this indicator. Earnings season is winding down and there's not a lot of econmic data due out this week. Could be a time for watching and waiting. Europe was generally higher and Asia lower to start the trading week. We'll see how things go tomorrow.

Still moving higher today as the Dow gained 331 points on heavy volume. The advance/declines were better than 2 to 1 positive. The summation indx is moving up. The Dow was the leader today and that isn't the most positive aspect but you can't argue with higher prices. The S&P 500 remains short term overbought and that condition has lasted longer than usual. Overdue for a rest. Moving into the June option cycle next week. Gold dropped $33 on the futures. The US dollar was higher and interest rates finished mixed. The XAU and GDX had slight fractional losses on light volume. They both came up off of the lows for the session. The gold shares did better than gold itself and that's a plus. I'm considering the GDX June calls as the next trade attempt if it can get down to the up trend line at 44. The short term indicators for GDX are trying to turn up from oversold territory. I'll take another look here over the weekend. Mentally I'm feeling OK. The VIX continued lower which fits an up market. It is now below the up trend line from the end of last year on the daily chart. Still short term oversold as it has been for almost a month. The bulls are firmly in charge and it is now a matter of whether or not we soon reach new all time highs for the S&P. I wouldn't think so but the market goes where it wants. I'll be going over the charts this weekend as usual. Asia was generally lower and Europe higher to close out the week. It's Friday afternoon and time for a break.

We had somewhat of a mixed bag today as most of the major indices posted gains except for the NASDAQ. There were mostly one day upside reversals as stocks opened lower and closed higher. The Dow gained 271 points on heavy volume. The advance/declines were around 2 to 1 positive. The summation index is moving higher. Retail sales came in where expected and the inflation data was mixed. The NASDAQ was the laggard today as it had a small loss. The S&P 500 had a small gap lower at the open but then turned around and had a positive close. My idea of the SPY puts with only two days to go would probably not of worked as I would have had to exit the position in the first half hour of trading to show a small profit. I most likely would have had to book another loser. That was luckily avoided this time around. The S&P remains short term overbought and has been for the past few weeks on some of the indicators. This condition will not go on much longer in my view. Rolling into the June option cycle now that has an extra week baked into it. Premiums are high. Gold jumped $45 on the futures. The US dollar was lower along with interest rates. The XAU was up 3 1/8, while GDX added 7/8. Volume was a bit above average. The short term indicators for GDX are trying to turn back up from oversold territory. I'm still in the camp of waiting for GDX to return to the up trend line that started in the beginning of the year before attempting the calls here again. That would be in the 44 area. Mentally I'm feeling a bit mixed as the latest SPY trade idea did not pan out. At the rate things are going the market may reach up to new all time highs soon. I certainly did not see that coming. Hasn't happened yet. The VIX was lower today and is about to crack the up trend line that started at the end of last year. Short term oversold and staying that way. Not sure how much longer that condition can go on but it is obviously more than I considered. Option expiration on tap for Friday. Asia mostly lower and Europe higher overnight. We'll keep an eye on tonights headlines.

Another day of sideways trading as the Dow fell 89 points on heavy volume. The advance/declines were 2 to 1 negative. The summation index continues higher. The NASDAQ continues to lead the way with another gain today. The S&P 500 was barely higher. We got a signal last night from the McClellan oscillator for a big move within the next two trading sessions. We'll see if that comes to fruition tomorrow. I did place a couple of orders for the SPY May puts but they weren't filled. The S&P remains short term overbought. The risk of taking on a trade here with two days left in the May option cycle is pretty high. Considering that the short term trades are not my best endeavors it is probably better that my orders didn't get filled. I set the price that I was willing to pay but the market never got there. Sure I'll be disappointed if the market falls tomorrow but we'll just move on the the June option cycle and go from there. Gold was off $64 on the futures. The US dollar was slightly higher and interest rates rose. The XAU fell four points and GDX was down a point. Volume was above average. Remaining short term oversold for GDX and heading to the up trend line at 44. Perhaps try the GDX June calls there? We'll see. Mentally I'm feeling OK. The VIX was up slightly today which doesn't fit the overall market being flat to higher. Still short term oversold here. The up trend line on the VIX daily chart that began late last year remains intact. Retail sales and inflation data out tomorrow morning. Also the Fed chairman will be making a speech. So we should see some market movement and my expexctation is that we'll see selling. I could be wrong. Asia was generally higher and Europe lower in last nights trade. We'll keep an eye on the overnight developments.

A mixed bag today as the overall market was higher but the Dow lower. The most watched index fell 269 points on heavy volume. The advance/declines were positive. The summation index is moving up. The inflation data came in where expected. The NASDAQ led the way higher again and that's a plus. Both the NASDAQ and S&P 500 had decent gains. The S&P remains short term overbought. With only 3 days to go in the May option cycle and trade taken on here has expanded risk. That said, I'm still considering some SPY May puts if we see some strength tomorrow. One of our indicators will be giving a short term sell signal if tomorrow is up again. However both the entry and the exit would have to be pretty good since the time constraint will be a huge factor for success. I'll consider this idea overnight. Gold was up $27 on the futures. The US dollar was lower and interest rates ended the day flat. The XAU and GDX had slight fractional moves one way or the other on average volume. GDX is at its 50 day moving average and the short term indicators appear to be trying to turn back up. We will still wait and see if it can make it down to the up trend line that comes in at 44. Mentally I'm feeling OK. The VIX was just a bit lower today. It is right at an up trend line from the end of last year and remains short term oversold. We could be at the moment of truth for this indicator to bounce back up and volatility make a short term comeback. Or not. Perhaps the VIX will continue to drift lower and remain oversold as the market continues higher. What happens here will influence any short term trade that is taken on. Asia finished mixed and Europe was higher overnight. We'll see what tomorrow brings.

The market exploded to the upside on the heels of a weekend trade agreement between the US and China. Headline risk works both ways. The Dow gained 1160 points on pretty heavy volume. The advance/declines were slightly better than 3 to 1 positive. The summation index is moving up. The NASDAQ led the way and that's a plus. The S&P 500 jumped over 180 points. It remains short term overbought and staying that way. Inflation data due out tomorrow but the bulls have taken charge. If we continue higher into Wednesday I could make a technical case to try the SPY puts there. But the risk with only a couple of days left in the May option cycle may not be worth it. Gold got clobbered as a trade deal and lower geo-political risk took hold. The precious metal futures dropped $105. The US dollar was higher along with interest rates. The XAU tanked 13 1/3, while GDX sank 3 3/4. Volume was heavy to the downside. There's an up trend line on GDX at 44 and it looks like we are headed there. The short term indicators for GDX have rolled back down. The weekly indicators for GDX have plenty of room to move lower. Mentally I'm feeling OK. The VIX had a gap lower and closed below the important level of 20. The near term up trend line was broken and the next up trend line is about to be breached as well. My idea to try the SPY puts at the up trend line was off. The VIX now lies on its lower Bollinger band and its 200 day moving average. The short term indicators remain oversold. Not sure what comes next here on the VIX. Markets were up around the globe in a sigh of relief. We'll see if there is any reaction to the inflation data tomorrow.

A waiting game took place today as the Dow fell 119 points on good volume. The advance/declines were positive. The summation index is moving up. After a bounce around in the first hour it was sideways for the rest of the day. The market is currently being held hostage by the US/China trade talks over the weekend. Monday morning should prove interesting on the reaction to whatever that brings. The other major indices basically finished flat. The S&P 500 is still short term overbought. One week to go in the May option cycle. Not sure If I'm going to attempt a short term trade but we'll see what happens on Monday. The problem here is that we are more at risk of headline events than in the normal course of business. It can work for or against you but there is no way to make a rational prediction of just what will occur. Trading is tough enough without that angle thrown in. Gold was up $27 on the futures. The US dollar was lower and interest rates finished flat. The XAU rose 6 3/8, while GDX added 1 1/2. Volume was average. The gold shares finally outperformed gold and that is a plus for them. The short term indicators for GDX have turned back up. Mentally I'm feeling a bit tired. The VIX was lower today and remains short term oversold. If it does get down to the 20 level next week I may try the SPY May puts for a short term trade. That is my current idea for next week. However I'll be going over all the charts this weekend and perhaps I'll come up with something else. There is also the choice of simply remaining on the sidelines. Europe was higher and Asia mixed again to close out the week. It's Friday afternoon and time for a break.

Stocks moved higher today on the back of a US trade deal with England and the Dow rose 254 points on heavy volume. The advance/declines were around 2 to 1 positive. The summation index is moving higher. Stocks did back off from their best levels on the session with a drop in the final hour. The Dow was up 650 at one point. This has been the trend lately with late selling in the market day. It is not a positive. The S&P 500 got turned away from its 200 day moving average. It still remains short term overbought. I'm considering trying the SPY May puts again before option expiration next week but the entry timing would have to be spot on. The NASDAQ did lead the way today and that's a plus for the bulls. But it feels like this rally from the lows in April is beginning to stall. Gold dropped $79 on the futures. The US dollar was higher along with interest rates. The XAU fell 3 1/4, while GDX lost around a point. Volume was average. The short term indicators for GDX are rolling over. Not sure what comes next here. Mentally I'm feeling OK. The VIX was lower today which fits an up market. It remains short term oversold. Still above the 20 level with an up trend line in place that comes in at that point. If the VIX can make it down there before option expiration that would be the technical basis to try the SPY puts again. Not sure if that will happen but it would be one of the next set ups we're looking for. Europe was generally higher and Asia mixed overnight. We'll close out the week tomorrow.

Volatility returned after the Fed announcement today as the market bounced back and forth. The Dow finihed with a gain of 284 points on heavy volume. The advance/declines were positive. The summation index is moving up. The Dow once again was the leader. Both the NASDAQ and the S&P 500 posted gains but not a much as the Dow. The S&P remains short term overbought. I sold my SPY May puts for a 70% loss as I dumped them at the worst possible time when the market jumped in the final hour. I basically got the low price on the day. This trade would expire worthless if I continued to hang on to it. A lousy entry and worst possible exit add up to a losing trade. Seven days now left in the May option cycle, not sure if I'll try another trade in it. The S&P remains overbought but I'm not sure if I can get the timing right for a short term trade. Probably will have to remain on the sidelines. Gold dropped $44 on the futures. The US dollar was higher and interest rates a bit lower. The XAU lost 2 3/8 and GDX shed around a point. Volume was average. The gold shares held up pretty well considering the drop in gold. The short term indicators for GDX are beginning to stall though. Mentally I'm frustrated as another losing trade is booked. The market doesn't care. You've got to keep on going in this game and that is what I'll try to do. The ideas haven't been that bad recently but the execution on the trading is lacking. I suppose I'll just have to wait for the next signal and see what I can do with it. The VIX was lower today and is still short term oversold. It looks like the VIX wants to move sideways here but we'll see. Perhaps remaining oversold as the market trends higher will be the case here. But we are still at the mercy of the next headline. Asia was mostly higher and Europe lower in last nights trade. We'll see how things go tomorrow.

Todays price action was a repeat of yesterday. We opened with a gap down, made it all the way back to fill the gap and then rolled over again with weakness in the final half hour. The Dow fell 389 points on good volume. The advance/declines were negative. The summation index is still moving higher. The Dow led things lower and that isn't the most bearish thing. The S&P 500 remains short term overbought on some of its indicators. The short term up trend line in effect comes in at 5500. I would expect that to hold if we even do make it down there. If for some reason it wouldn't hold then we are heading lower. My SPY May puts are still solid losers and I will seriously have to consider taking the loss tomorrow with the Fed meeting on board. We should get some market movement from that tomorrow. Gold was up over a hundred again today on the futures. The US dollar was lower along with interest rates. The XAU jumped 7 1/3, while GDX was up two points. Volume was good to the upside. The short term indicators for GDX are now moving up. I cannot believe that I missed this trade again. GDX got to short term oversold a couple of days ago and I did not buy the calls. I just didn't think this trade was going to work again but it did. In the meantime I was taking on a bad entry to the SPY put trade that I'm in now. I guess gold knows something that we don't. Mentally I'm feeling a bit tired. The VIX was up today which fits a down market. It does remain short term oversold though. Still below the 50 day moving average here. We are either on the cusp of the short term indicators moving higher on the VIX and volatility picking up or the indicators will roll back down and the market move higher. Asia was generally higher and Europe lower overnight. All eyes and ears on the Fed tomorrow and the market reaction to it.

A slight pause in the recent rally today as the Dow dipped 98 points on average volume. The advance/declines were 2 to 1 negative. The NASDAQ led the way lower but it certainly wasn't anything dramatic. We opened with a gap lower, turned around and made it all the way back only to drop again in the final hour and a half. The S&P 500 remains short term overbought but the nine day winning streak was snapped. My SPY May puts are still solid losers but I suppose I'll wait to see what happens with the Fed on Wednesday before taking the loss. Probably should have just dumped them on the drop this morning but hope springs eternal. Unfortunately hope is not a trading strategy. I can make a case for some weakness here but it probably won't be enough to save this trade. Gold jumped $100 today as geo-political tensions and bombings occurred over the weekend. The US dollar was lower and interest rates finished mixed. The XAU was up five points and GDX climbed 1 2/3. Volume was average. The short term indicators for GDX are starting to turn higher and the very short term down trend line has been broken. Could I have missed the call trade here again? We'll see. Mentally I'm feeling OK. The VIX was up just a bit today and remains short term oversold. Not sure exactly what to expect here from the VIX. My guess is that tomorrow will be a waiting game on the Fed. Most of the foreign markets were closed for holiday but what was open finished mixed. I'll keep an eye on any overnight developments.

The rally continues as it was fueled today by a report last night that the US and China are starting to talk about tariff relief. The Dow gained 564 points on good volume. The advance/declines were better than 4 to 1 positive. The summation index is moving up. The jobs report came in better than expected. Both the NASDAQ and the S&P 500 led the charge today. The S&P remains short term overbought and has been higher for nine days in a row. I can't recall the last time that happened. Needless to say my SPY May puts got crushed today. I probably should have just dumped them today as this trade is going to be a loser barring some type of market catastrophe. But I figured I'd hold them over the weekend and sell them most likely on Monday. I could technically make the argument for purchasing them yesterday but technical analysis doesn't always work out as an overnight headline caused the stock price movement today. Headline risk goes both ways. I'll regroup over the weekend and go from there. Gold was up twenty bucks on the futures. The US dollar was lower and interest rates were higher. The XAU lost 1 1/3 and GDX dipped 1/8. Volume was light. Gold up and the gold shares down isn't bullish. GDX is not yet completely short term oversold. Waiting for it to get to the 50 day moving average at 45 or the up trend line at 43 before looking at the calls there. However with stocks moving higher and a thaw in the US/China tariff turmoil the appeal of gold loses some luster. Mentally I'm feeling a bit frustrated as another losing trade is on the menu. The VIX was lower and remains short term oversold. Its 200 day moving average is on its way to lining up with the important level of 20 which is also where an up trend line exists on the daily chart. If it makes it there that would be the next time to possibly attempt the SPY puts. I'll be checking the charts over the weekend as usual. We've got the Fed next week and that should provide excuses for market movement although no surprises are expected. Asia and Europe were higher to close out the week. It's Friday afternoon and time for a break.

Another day, another gain as the Dow rose 83 points on good volume. The advance/declines were positive. The summation index is moving higher. The NASDAQ led the way up and that's a plus for the bulls. We had a gap at the open and the gain would have been a lot more if not for a last ten minute bout of selling. The S&P 500 managed to close above its 50 day moving average. It remains short term overbought. I adjusted my order for the SPY May puts overnight but it still did not get filled. I did however decide that I would buy them so I did. My entry was not that good. I should have been more patient and the lousy entry will mean either more of a loss or less profit on this outcome. Technically this trade seems to make sense in the short term. We'll see. Gold got clobbered and slid $81 on the futures. As previously stated, when things go straight up the ending isn't pretty. However if the gold shares get short term oversold I'm willing to try the calls. The US dollar was higher along with interest rates. The XAU lost 6 3/4, while GDX fell 1 7/8. Volume was above average. The short term indicators for GDX are getting to oversold but not completely there yet. The 50 day moving average lies at 45 which could be an entry point for the calls there. Mentally I'm feeling OK. The VIX finished flat on the session. It remains short term oversold and above the 20 level. Not sure what comes next for the VIX. In the next trade now and not sure for how long. Might hold it over the weekend or not. Depends on the price movement tomorrow. Asia finished mixed and most of Europe was on a holiday. All eyes on tomorrows jobs report and the market reaction to it.