Monday, November 25, 2024
The day began with a gap to the upside but then the market went sideways to lower for the rest of the session. But it only moved lower from a much higher position as the Dow climbed 433 points on very heavy volume. Looks like traders were getting their positions done today before heading out for the rest of the week. The advance/declines were 3 to 1 positive. The summation index is moving up. Once again the Dow was the outperformer. The S&P 500 remains short term overbought but not at extremes. We'll get inflation data on Wednesday ahead of the holiday. I'm leaning towards the SPY December puts here but the timing as always will be the key. Gold got crushed today as the futures fell $85. The US dollar was lower and interst rates dropped. The XAU lost 4 1/4 and GDX shed 1 1/4. Volume was good to the downside. On the sidelines with regards to the gold share options for now. Not exactly sure what is going on with respedt to gold right now. The usual inter-market relationships din't work today. Mentally I'm feeling OK. The VIX was lower today which fits the upside in stocks. It remains oversold but not completely so. I was expecting a quiet week for the market but we certainly didn't see that today. Asia was mixed and Europe slightly higher overnight. We'll see what tomorrow brings.
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