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Friday, November 22, 2024

Sideways to higher for the overall market but the Dow climbed 445 points to a new closing high on average volume. The advance/declines were 3 to 1 positive. The summation index is heading back up. Both the NASDAQ along with the S&P 500 posted gains but not as much as the Dow. The short term indicators for the S&P continue to grind higher and are not yet overbought. A holiday week coming up and that is usually positive at this time of the year. No SPY option trades in mind at the moment. Gold was up $33 on the futures to finish its best week in a while. The US dollar was higher and interest rates ended flat. The XAU and GDX had slight fractional gains on light volume. Once again the gold shares did not follow gold higher. The short term indicators for GDX appear to be beginning to stall. Mentally I'm feeling OK. The VIX was lower today which fits with an up market. The short term indicators are rolling over here which implies more near term gains for stocks. The VIX is also back below its 200 day moving average. It was a good week for stocks following the previous poor showing a week earlier. It looks like the market can build on that next week. I'd expect a quiet week with a holiday on Thursday but you never know. I'll be checking the charts over the weekend as usual. Europe was higher and Asia mixed to finish out the week. It's Friday afternoon and time for a break.

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