AUTO TRANSCRIBED
Good morning. It’s Friday, November 24th, about 6 a.m. Central Time. Overnight, the precious metals are mixed. You’ve got gold up five bucks. 1997 silver is up $0.08. 2377. Copper is up one at 381. And then platinum is down ten bucks at 920. So a couple of things that I’m watching here. We do have a lot of economic data coming out next week.
A lot of your staples, things like new home sales on Monday, consumer confidence, Tuesday, GDP, Wednesday, along with the Fed Beige Book. Thursday, you’re going to have personal income pending home sales and then your ism and construction spending Friday will be December 1st. So we’re really keeping an eye on the dollar index. The dollar had a small bounce along with Treasury yields, but they’re both grinding lower.
They’re really deteriorating with the weakening economic the U.S. economic data patterns. And then also the markets are speculating that first, interest rate cut somewhere either at the May meeting or at the June meeting. So we’re going to want to watch that watch this CME Fed watch tool. Now, if you look at a lot of things I do and like holidays, and as you get closer to the end of the month, you do want to monitor month to date performance.
Some of the key standouts here, your best performing besides commodity being O.J., O.J. was up 9%. You look at a chart, O.J., it’s like this. It had one little pullback dynamic, new contract highs. But the Nasdaq is your best performer, up 10.68% on the month. Your worst performing commodity is besides natural gas is the volatility index. Volatility index, I don’t think it was the same product that it once was.
It just doesn’t seem to have that bang, that punch. And when things started to fall apart, it never really got go. And I think you’re better off just taking out, right. Looking at put options, things like that and the U.S. equities But remember to monitor what your own personal risk levels are and also goals, your risk tolerance. Now, if you look at the gold market, what’s interesting is that it’s unchanged on the month.
Actually up about ten basis points. So no real bang there. You got silver up three and a half percent. I think that was track in copper. But if you look at a chart on the gold market so it is bullish trend but it’s really in this big consolidation range like this. And I really don’t think you get a clear decisive signal until you break out over 2020.
On the upside. Now it’s trading just below that 2000 mark. I think it’s a bit of a tug of war on either side of that. Your key level support. And if you look at that November 10th low when we sold off, saw it coming back up to where we started the month here, we deteriorated down, we bounced off the 50 day moving average and we move back up your key level resistance 2020.
Obviously 1982 is your first level support. That’s a 200 day moving average below that pocket support trend reversal point 1952 down in 1944. You look at the silver market, Silver has got a different pattern. It’s come up, it’s bullish trend, but it’s consolidating sideways and it is literally hugging either side of the 200 day moving average. It really needs a catalyst.
And I think the catalyst has got to be something from China, something, you know, economically where the dollar index continues to fall apart, perhaps some kind of escalation. There is a cease fire. There is the exchange of hostages today. But Israel saying that the job is not done and they’re probably going to go back in there. So we’re going to want to monitor a lot of different things here.
So, you know, you want to keep an eye on, obviously the copper market because copper there’s a couple mines that are in a labor dispute right now and they represent 3% of the global production and 4% of the concentrate. So if they come off, you could see copper prices really escalate higher, silver will follow, gold will probably follow that as well.
The outside markets there mixed U.S. equities. We’re kind of flirting on either side of positive territory. You got the S&P 45, $73, up 100 points right now. Crude oil, that’s an interesting one because the OPEC meeting, basically what was happening is, is that they never really got the meeting under way. Saudi Arabia kind of being the leader of OPEC, went out and they were gauging what the other members were going to do if they were going to have these cuts, if they were going to extend cuts and things like that.
It seemed like there was some kind of disagreement between and I’m merely speculating on this between Saudi Arabia, Nigeria and and where they were producing and how much they were producing and the fact that they couldn’t come in with a unilateral agreement on extending cuts, they delayed the meeting, which means that I really think that they’re going to they’re going to force the hand to extend these cuts.
And I think that that’s where you could see that bottoming process in the oil market here for a temporary relief rally. So a little bit disappointing. Front months, not, you know, back at that 82, 82 level trade in about 77, $76 right there at the moment. So we want to keep an eye on some other things. You know, the ten year note, 4.4 or 5%, it is bouncing, but it is bouncing in a downward trend right now.
Cryptocurrencies best looking. One of my opinion is still that if Etherium it’s kind of got a similar chart pattern to the silver market so does anything reach out to me? I’ll be available all day hitting the Blackhawks game this afternoon and then I’ll be back in Florida on Saturday here tomorrow. So I hope you guys all had a great Thanksgiving.
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