Friday, December 06, 2024
Todays employment data came in where expected but the markets continued to be mixed. The Dow fell 123 points on average volume. The advance/declines were negative. The summation index is turning lower but not with conviction. Once again the NASDAQ led thw way up and that remains a positive going forward. The S&P 500 was higher as well. It still remains short term overbought. Lately whatever selling we do see has been met with buyers. I canceled my open order for the SPY December puts. I'll probably try this idea again at some point next week. Gold was up $6 on the futures. The US dollar was higher and interest rates dipped. The XAU lost almost 3 points and GDX fell 2/3. Volume was light. The short term indicators for GDX have rolled back down with room to go. It appears to headed back to the 200 day moving average at 36. Mentally I'm feeling OK. The VIX was lower today. The short term indicators remain deeply oversold. Not sure how much longer that condition can go on but trying to predict when it will end is a guessing game. Our recent sell signals from some of our other indicators simply haven't worked. However I'm still in the camp that the SPY December puts will work at some point before option expiration in two weeks. I'll be checking the charts as usual this weekend. Asia and Europe finished the week mixed. It's Friday afternoon and time for a break.
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