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Wednesday, November 12, 2025

The Dow continues to lead the way here as it gained 314 points on heavy volume. The advance/declines were about even. The summation index is moving higher but does not seem to have conviction along the way. The NASDAQ posted another small loss and the S&P 500 managed to eek out a slight gain. Some of the short term indicators on the S&P are moving sideways while others continue higher. Not yet short term overbought here. I'm still thinking that the S&P 500 is about to make new all time highs here but I could be wrong. The recent bounce off of the 50 day moving average started out strong but seems to be losing steam. Maybe we'll try the SPY November puts ahead of the weekend. Gold jumped $84 on the futures. The US dollar finished flat along with interest rates. The XAU climbed ten points and GDX added another 2 1/2. Volume was good again to the upside. Some but not all of the short term indicators for GDX are overbought. It looks like the gold shares are on their way to new all time highs but we'll have to wait and see about that. Mentally I'm feeling OK. The VIX was a but higher today and remains above its 50 day moving average. The short term indicators here are beginning to stall. Not yet oversold here either. I don't know what to expect next on this indicator. We'll look things over again tonight and go from there. Seven days to go in the November option cycle. Asia and Europe were up overnight. We'll see how things go tomorrow.

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