Thursday, December 07, 2023
Buyers showed up ahead of tomorrows employment report as the Dow rose 63 points on light volume. The advance/declines were 2 to 1 positive. The summation index is moving up. The NASDAQ led the way and that's a plus. The S&P 500 is still in a sideways pattern but the short term indicators are turning back up. Still short term overbought though and below the resistance of 4600. Not sure what will happen tomorrow but todays price action was encouraging for the bulls. Or SPY Decmber call idea is back on the shelf after the S&P already moving higher today. Gold was off a couple bucks on the futures. The US dollar was lower and interest rates were flat. The XAU and GDX had fractional losses again on light volume. My GDX December calls are barely in the black. We had GDX make it back to the neckline of the inverted head and shoulders pattern today at the 30 level. The next technical expectation is to move higher from here. I did place an order for the GDX January calls but it wasn't filled. The price action for gold and the gold shares hasn't been bullish lately. Todays drop in the dollar should have resulted in a rally for the precious metal but none occured. We'll see what happens tomorrow. Mentally I'm feeling OK. The VIX finished barely higher today which doesn't fit with an up market. The short term indicators here remain oversold but not as much as they were. The low readings on the VIX imply higher prices for stocks as we move forward. We'll have to see how the markets react to the jobs report and go from there. Europe and Asia finished lower overnight. We'll close out the trading week tomorrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment