Wednesday, October 21, 2026
Moving higher across the board today as the Dow gained 360 points on good volume. The advance/declines were even. The summation index continues to move up in a channel. The NASDAQ led the way higher and that's a plus. The S&P 500 had a decent gain and its short term indicators continue to move higher. Could we be on our way to new all time highs for the S&P 500? It's possible. Gold rose $7 on the futures. The US dollar finished unchanged and interest rates were barely higher. The XAU was up 1 1/2, while GDX added 1/2. Volume remains very light here. The short term indicators for GDX are beginning to track sideways. The near term down trend line here is now at 89. NEM reports earnings after the bell tomorrow. That could get GDX moving in either direction on Friday. My order for the GDX November calls remains unfilled. Mentally I'm feeling OK. The VIX was lower today and its short term indicators are moving down with room to go. The VIX seems to be giving the market a green light to move higher. As long as it continues on this path stocks should move up. However much of the week so far feels like it's in a holding pattern. Europe was higher and Asia lower with the exception of Japan. I'll keep an eye on tonights headlines.
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