Wednesday, November 24, 2021
The Dow fell 9 points today on pre-holiday listless trading. The advance/declines were positive and the volume was light. The summation index continues lower. Some of the major stock indices had one day reversals to the upside including the S&P 500. The economic data went both ways today but many players decided to take the day off. More of the same for holiday shortened trading on Friday. Things won't get back to normal until next week. Gold drifted up four bucks today. The US dollar continued higher and interest rates were steady. The XAU and GDX had slight fractonal losses on very light volume. I sold the GDX January calls that I bought on Monday for a 20% loss. I did this in order to purchase the GDX January calls again at a closer to the money strike price, which I did. I was willing to take the small loss in order to get the strike price that I originally wanted. Now I could have held on to both positions but the money out there at risk would have been more than I had allotted to this idea. It still may or may not work but I felt this was the right thing to do today. We'll see going forward. Mentally I'm feeling OK. The VIX was lower today and the short term indicators have rolled over. The VIX is signaling higher prices coming for stocks. Europe and Asia were mixed in last nights trade. Happy Thanksgiving everyone.
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