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Tuesday, December 31, 2024

The market finished 2024 on a down note as the Dow dipped 29 points on light volume. The advance/declines were positive though. The summation index continues lower. The NASDAQ led the way lower today and that is not a plus for the bulls. The S&P 500 was down and the short term indicators here are still heading lower. That said I was looking at the SPY January calls today for a short term trade. My guess is that 2025 will start off with some buying and that perhaps the S&P is putting in a double bottom on the daily chart. However since we are just about to go through the zero line on the summation index, I remained on the sidelines. I'll rethink this idea on the holiday tomorrow. Gold was up twenty bucks on the futures. The US dollar was higher and interest rates finished mixed. The XAU and GDX had fractional gains on pretty light volume. Mentally I'm feeling OK. The VIX ended the day little changed. The short term indicators here are beginning to move sideways. Not sure what's next in store for the VIX. 2024 is coming to a close. It was another profitable trading year but the profits were less than they could have been as the second half of the year saw too many losses. As always the results begin and end with the trader himself or herself. The work and effort have to be constant. Moving forward regardless of results is a must. I'll do my best to have positive returns again in 2025. Asia trended lower and Europe was generally higher overnight. Happy New Year.

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