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Wednesday, November 19, 2025

Volatility is in charge for now as the Dow gained 47 points on heavy volume. The advance/declines were negative. The summation index continues down. We were up and down more than once today as the market tries to figure out its next move. After the bell NVDA earnings should get things going overnight. Employment data due out tomorrow morning. I'm still thinking about perhaps trying the SPY puts if we see a big rally tomorrow but the more prudent course of action would be to sit things out with only 2 days left in the November option cycle. The NASDAQ led things higher today but it wasn't exactly what you'd call a rally. More of just hanging around until tomorrow. The S&P 500 posted a small gain. The short term indicators for the S&P remain oversold. Gold was up ten bucks on the futures. The US dollar was higher and interest rates finished generally flat. The XAU gained 3 7/8 and GDX was up 3/4 again. Volume was average. The short term indicators for GDX are trying to turn back up. Mentally I'm feeling OK. The VIX ended a bit lower today which fits with todays market price movement. The short term indicators here are still overbought. Not sure what's next for the VIX. We'll see how things go early tomorrow morning to decide if a trade in the SPY options is worth the risk. Europe was lower and Asia mixed overnight. I'll keep an eye on tonights headlines.

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