The major market index today didn’t do much again as expected with the holiday week in full force.
Volume was light again, and there was no buying or selling conviction on the market.
However, the gold mining stocks put in a nice rally day today as measured by the GDX exchange traded fund, up over 4% on the day.
Many times the gold mining stocks will move prior to a larger move in spot gold. Time will tell, but as I’ve been reporting in the nightly video’s, gold should have more upside on this segment of the current move off the bottom from last month.
Crude oil had a tough day, down hard leading into the OPEC meeting this Thursday.
As a point of interest, the market bellwether Apple sold off a little at the end of the day. While it’s too early to tell if this is going to be anything significant, we’re watching for signals of any cracks in the armor of this market which should see a normal and small correction leading into the first half of December.
The remainder of the analysis can be found in tonight’s video.