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Tuesday, July 28, 2026

Hanging around again as the overall picture is still mixed but the Dow gained 537 points on heavy volume. The advance/declines were positive. The summation index is beginning to stall. Once again the NASDAQ posted a small loss. The S&P 500 recorded a small gain. The short term indicators for the S&P are turning up with plenty of room to go. The Fed should get things going one way or the other tomorrow. Some big tech earnings out as well but after the close. We will remain on the sidelines with regards to the SPY options for now. Gold dropped $53 on the futures. The US dollar was lower along with interest rates. The XAU lost around 6 3/4, while GDX shed 1 1/2. Volume is still light here. Some of the short term indicators for GDX are turning lower with others heading sideways. Waiting for the next signal before trading this space again. We are still looking at the calls though. Mentally I'm feeling OK. The VIX was a bit lower today. The short term indicators here are trying to turn back down. Not exactly sure where the VIX goes from here but the daily candlestick chart appears to want to head lower. I haven't had a good feel for the VIX lately. Just waiting on the Fed at this point. Asia was generally lower as Japan got whacked. Europe finished to the upside. We'll see what tomorrow brings.

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