Thursday, November 14, 2024
Lower today as the Dow fell 207 points on average volume. The advance/declines were negative. The summation index is beginning to trend down. Producer prices came in about where expected. The short term indicators for the S&P 500 are starting to roll over but remain overbought. I don't think that the rally is finished here but I could be wrong. Expiration Friday on tap tomorrow. Gold was off $13 on the futures. The US dollar was up and interest rates finished mixed again. The XAU was up 1 1/4, while GDX had a fractional gain. Volume was good. GDX bounced off of its 200 day moving average today. It remains short term oversold with plenty of techncial damage done for the bulls. Mentally I'm feeling OK. The VIX finished flat despite the drop in stocks. Not sure what that means. The VIX is still short term oversold and staying that way. It still implies higher market prices going forward. Europe higher and Asia lower overnight. We'll see how expiration Friday turns out tomorrow.
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