evening wrap, november 18
market vibes
“Merciless is the law of nature, and rapidly and irresistibly we are drawn to our doom.” Nikola Tesla
Gold held its POC circa $4032.00 Friday morning on the Comex opening, again at $4006.00 in the post-close yesterday, and $3997 in early London this morning. Although the numbers vary a bit, think of it like an asteroid skipping off the gravitational pull of the POC at $4010.
Every time gold’s positive force tries to decay and fall into the POC, a dense layer of organic buying has repeled it. Conversely, the high-volume dominance of short interest above the market, established in mid-October, is pushing prices down. Coincidentally, Bitcoin, silver, and gold all made their overnight lows in the same hour at 2:00 a.m. EST but gold and silver went up all day.
Elsewhere in New York today, the dollar was firm. The yen was weak. Oil rallied on reports that Russian fuel exports are beginning to tighten. A Russian spokesman indicated on Monday that Putin wants to meet with Trump. Trump said he had no interest unless there was going to be a deal, and it appears a meeting is being arranged.
Stocks rallied all day, but the tone lacked its usual snap even on a 90-handle low-to-high rally. The final hour was notably weak. Put vols in Nvidia are going to get eviscerated if Nvidia delivers. But there are other nuances in today’s data we’ll get into in a minute.
In the markets
