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Thursday, November 07, 2024

The Fed came and went but the rally continued for the overall stock market. The Dow was the laggard though and finished flat on heavy volume. The advance/declines were positive. The summation index is still trying to turn around. The NASDAQ led the way higher today and that's a plus. The S&P 500 is almost back to being short term overbought again. New all time highs now on a daily basis with no overhead resistance. The bulls are in charge. Gold bounced back $35 on the futures. The US dollar was lower along with interest rates. The XAU was up 3 1/3, while GDX gained 7/8. Volume was above average. The short term indicators for GDX have turned back up. However there is a short term down trend line and the 50 day moving average at 40 that needs to be gotten through. Another day like today would do it but that's probably asking a lot. My GDX November calls are back to where I purchased them in this ill timed trade. I should probably be out of this trade tomorrow. Mentally I'm feeling a bit tired. The VIX continued lower and is now below its 200 day moving average. Short term oversold here as well but the VIX can remain that way for an extended period of time during rallies. There doesn't appear to be anything in the way of further price gains in stocks going forward. Option expiration week is next week and if the usual positive bias shows up we'll see more gains. Europe was higher with the exception of the FTSE and Asia finished mixed. We'll close out quite a trading week tomorrow.

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