Checking in from Vacation

As the summer draws to a close, the market is putting its best foot forward. Yesterday's action was solid and a continuation of the bullish trend that's been going on during August. There are some missing ingredients that this rally needs however, overall it has gelled very well. If the volume comes back next week and the buying continues, we will have to reassess our position and lean more towards risk and less towards safety. However, the missing ingredients are still missing and until they appear, this rally is still suspect.
Since the Fed stopped tightening, don't expect that to change until (at least) after the November elections. Oil, as if on cue, has declined daily. However, gold continues to behave well. These things keep us on our toes.
In the past, I have noticed many times that a stock or index has broken an uptrend and after a period of consolidation has rallied back to the trendline. When such trading occurs on low volume, as it is doing now, those rallies often end as "last gasp" types and fail. This is what I think we are dealing with now. Time will tell.
Next week will bring us all back to more normal schedules and more frequent posts to the blog. In the mean time visit www.GellerCapital.com for more information.
All the best for an enjoyable and relaxing Labor Day weekend.