Wednesday, December 04, 2024
The market continues to move higher as the Dow gained 308 points on average volume. The advance/declines were about even. The summation index is still trending higher. The NASDAQ continues to lead the way. New all time closing highs for the big three of the Dow, S&P 500 along with the NASDAQ. No overhead resistance. The S&P 500 remains short term overbought and stayng that way. I wonder how much longer that this can go on but it is usually longer than you think. The S&P is now up against its upper Bollinger band. I do still want to try the SPY December puts at some point. However it is hard to step in front of the current rally. Gold rose $6 on the futures. The US dollar finished flat and interest rates slipped. The XAU fell a point while GDX was barely lower. Volume was extremely light for the gold shares. No interest here despite plenty of geo-political turmoil around the world. Still no GDX trades in mind at the moment. Mentally I'm feeling OK. The VIX was a little higher despite the rise in stocks which doesn't fit. The last time this occurred there was a drop in the market the follwong day. Getting very close to the lower Bollinger band on the VIX. It also appears that the short term indicators are trying to turn around. Still waiting on Fridays employment report so tomorrow could be a wait and see affair for the market. We'll see. Asia was mixed and Europe generally higher overnight. I'll keep an eye on the overnight headlines.
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