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Monday, October 05, 2026

We begin the week on a positive note as the Dow rose 91 points on heavy volume. The advance/declines were slightly negative. The summation index is beginning to stall. The NASDAQ climbed 1% and the S&P 500 had a solid day. The NASDAQ closed at a new all time high which is a plus for the bulls. Gains would have been even better but there was a last half hour sell off. The short term indicators for the S&P are moving up and getting to overbought territory. If the summation index turns back up the S&P 500 will be at new all time highs as well. Hasn't happened yet. Gold was $6 higher on the futures. The US dollar was up and interest rates finished mixed. The XAU was off a point and GDX dipped 1/3. Volume was light. The short term indicators for GDX are stuck in oversold territory. My GDX October calls are mired in a losing position. A little less than two weeks to go here and probably need to get out of this trade sooner rather than later. The loss right now is more than I want it to be. Mentally I'm feeling OK. The VIX finished slightly higher today which doesn't fit with an overall upside market. Some short term indicators for the VIX are still moving lower while others are beginning to track sideways. The daily candlestick chart here looks like it wants to go lower. Light on economic data this week so we'll have to wait and see what can get things moving. Asia and Europe were higher to start the week with the exception of France. We'll see hwo it goes tomorrow.

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