Tuesday, November 19, 2024
Once again a mixed bag as the Dow was down and the overall market moved higher. The most watched index fell 120 points on average volume. The advance/declines were slightly negative. The summation index is moving lower. Both the NASDAQ and S&P 500 had one day upside reversals as they gapped lower at the open only to then move higher the rest of the session. The short term indicators for the S&P are trying to turn back up from mid-range levels. I think that they will be successful as I'm still looking for more upside in the near term for stocks. I could be wrong but we'll see in the coming days. Gold was up another $23 on the futures. The US dollar finished flat and interest rates were slightly lower. The XAU rose 3 points and GDX was up 7/8. Volume was average. The short term indicators for GDX have turned up with plenty of room to go. Have we missed a GDX call trade here? Perhaps. GDX did break above its short term down trend line today. I'll keep an eye on it here but we'll have to see where it goes for the rest of the week. Mentally I'm feeling OK. The VIX was higher today despite the gains for the overall market. Not sure what to make of that. Still short term oversold but not completely so. The VIX did remain below its 50 day moving average. Waiting on NVDA earnings after the bell tomorrow for most likely the next big market mover. Trying to remain patient for now. Asia higher and Europe lower overnight. We'll see how Wednesday goes.
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