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Wednesday, December 29, 2021

It seems as though the market is just hanging around waiting for the new year to begin. The Dow gained 90 points on light volume. The advance/declines were positive. The summation index is moving up. The S&P 500 remains short term overbought with prices stalling for the past two sessions. The NASDAQ was slightly lower today. No SPY trades in mind at the moment. Gold dropped $5 on the futures but were lower than that during the session.. The US dollar was lower and interest rates moved higher. The XAU and GDX had fractional moves one way or the other on light volume. Still no interest in the gold shares and they remain short term overbought. I continue to hold out hope that the gold shares will have their usual rally that comes this time of the year but it hasn't happened yet. Mentally I'm feeling OK. The VIX continued lower and remains extremely short term oversold. This has lasted longer than it should but the markets as usual go where they want. I'm not sure what to make of it. Just two trading days left in 2021 and I'm sure most of the serious business has been completed. Waiting on 2022 at this point. Europe and Asia were lower overnight. We'll see how it goes tomorrow.

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