 recording live from the majestic offices at the Contrarian Trader Studios in Huntington, New York, where we trade the charts and not the hype. Welcome to our audio version of our Market Wrap podcast. If you want the full video experience, please become a member. Why aren't you a member yet? 14-day free trial offer. Head over there, thecontrariantrader.com. Join up today. 14-day free trial offer. How can you beat that? Let's get started with Market Wrap. Okay folks, welcome to Market Wrap for the 23rd, quite the day today, another pump-up Monday. And we'll begin as we normally do with the bond market. Then we'll move over into the equity market. And then we'll talk about positions and a couple of watch stocks. All TLT, down day, but still a bullish day. We held the 50-day moving average. The 200-period moving average is rising. So we may get another boost up high here. Stokes look good. And that may send yields moving down lower. But today, yields picked up that did well by those that are along the banks as we are. And they should continue to do well as long as this market holds up. And yields stay flat with the bias to the upside. We'll go to that chart in a moment. VIX, I think we're going lower on the VIX, therefore higher on the S&P 500. We held 2250. But take note of RSI, rolling over. Stokes rolling over. They're probably going to make lower lows. The chips and inside day, no new high, no new low. I think odds still favor bulls here. For those not familiar, chips are Treasury Inflation Protected Securities, the US dollar. And outside, reversal day, a very surprising day. We were down earlier in the pre-market, then right around 8 a.m. Eastern time, you saw bids come in and they lifted the dollar up and they took gold and silver down. So one would think that we were going to move up higher on this price action. Maybe, maybe not. Volume was not great. The Dow transport bullish day. I think we're going higher. Take note of the breakout, the higher lows on RSI and a hockey stick up, just like back here. Volume, good. The Dow transports are probably moving up higher. The Dow Jones daily chart, a good day, not a great day. But we're poised for a breakout here. I'm going to throw this up here. I'm not predicting it, but I just want to memorialize something I'm suspect about. Possible head and shoulders set up on the stochastics. Left shoulder, head, right shoulder forming, possibly. No guarantees, no breakout yet on RSI. The S&P 500 daily chart, good day, not a great day. Eeked out of gain, volume light. It'll probably move up higher. The Q's, eked out again. Remember, on Friday, we had a failure to hold support. So we had another bull trap. While we did not break out again yet today, and while, yes, we're seeing lower highs on the stokes, we may just see a breakout here. Why am I saying that? It's because when you use multi-time frame analysis, you defer to the higher level time frame. And in this case, it's a weekly time frame. And we had a breakout the week of the second, retest one, the week of November the ninth, retest two, last week, retest three, this week. You really don't want to see any more than three retests. This is maker break week for the Q's. We really need to break out. The more times we retest after the third week or the third period, the less likely it is that we're going to break out higher. So I think that we are going to move up the IWM continuation breakout. But there are warning flags. Volume is very light. And the other one is the weekly chart. Before we go to that chart, I want to talk about where I think the IWM is going in the short term. I still think we're going up higher. We did see a slight fade on the day, not a big one. The indicators vis-a-vis stokes, RSI are implying higher highs. Now the weekly chart is concerning. We are very far extended beyond the two standard deviation Bollinger Band, even further than what we were last week and the week before. And we are still flirting with that third standard deviation Bollinger Band. Can it move up higher? Sure, but the higher it goes, the more ruthless the sell-off. So let's just be cognizant of where we're at on a weekly timeframe. The banks, I think we're going higher. Bullist Q-reversal breakout today. A very good chart. RSI, rock solid, stokes, same deal. Technology, a down day. We're weakening here on stokes, lower highs and now lower lows. And this is very similar to the trip cues. We're holding 50 on RSI, holding support, down volume dropped off. Look at this head and shoulders set up on Williamson's on a jar. Left shoulder, head, right shoulder, neckline broken. Given all this, I think that they're still going to try to break out technology. Consumer discretionary, consolidating, holding support. Still a question mark with regard to are we going to put in a higher low or a lower high on these stokes? Volume today was very, very light. No institutional demand. Energy. What a day. A huge move higher. The highest closed since early August. And it looks as though we're going up only higher. Oil ticked up. A little bit of a fade on the day. And we were talking about this on the final half hour about what was the catalyst for this rally. And I really think that it's not just a vaccine. It's a conversation now being held in the medical community about the potential for herd immunity by May of 2021. That would be huge. LABU. Attempted a breakout. A bit of a rejection. We did have a new daily high though. Volume light. I still think we break out here. Stokes look good. RSI looks good. Gold broke support today. I think that it's going lower. GLD could go down to 170. But we are very oversold here on these stokes. A W formation reminiscent of what we saw back here in March. And look at the rally that occurred. But that doesn't mean that we're not going to have a ruthless sell off for the next day or so. Volume. Well above average. The GDXJ. These are our positions. This is exactly why we nibble. We did a little nibbling here. An anticipation of us holding the support level. It didn't happen. We broke support today. Now we're looking at 4850 as potential support. Volume above average. So let's wait 4850. We'll see if we hold. Just because it hits 4850 doesn't mean we're going to pull the trigger. We want to make sure it closes above that mark. Uranium. Attempted to breakout today. It was rejected still up over a half percentage point. I think we're moving up higher here. We'll remain long. Rocket mortgage a total laggard. I think that ultimately we're going to test the 20 handle again. I should say $20 per share. And we'll see if that holds. But we know that when bond prices pull back. Rocket mortgage pulls back. But the TLT which we just went over pretty bullish. It should continue up higher. That means that Rocket should catch a bid. It will stick with it for a little while longer. ExxonMobil. Rock solid day. We're up over six and a half percent on this trade. We're going to remain long here. Volume rose but still slightly below average. And we did break out. Gold money got clocked today along with gold. We'll just sit and watch. Wait. We're not going to add more. CalMain Foods. It was really a risk off day. Everything that would normally do well in a fear based inflationary economy did not do well today. So CalMain was down about a half percentage point. Now what did really well were our emerging market plays. EDC moved up higher. Just shy of percentage point. I don't like the fact that we faded on the day. Volume was good. The BRZU. I think we're breaking out here. Nice bull flag set up with oil moving up higher. That bodes well for Brazil. We'll remain long. Let's talk about a couple of watch stocks. Crowd strike broke out today. This is one of the watch stocks we were looking at over the weekend. Ultimately after pulling back this morning we did rally and we held a breakout. Ideally we retest 145 tomorrow. Open up a small opening position. Add more on a breakout above 153 spot 9-0. Marking a new all-time high. Leaving off with constellation pharmaceuticals. It closed up on the day. It was a lot higher. And this is why we don't chase stocks early on in the day. This is what happens. They fade. So we're looking for a pullback ideally to retest. Let's call it 2290-2280 thereabouts. Let's watch for a pullback. Volatile stock. I could easily do that. So more to come. With that, folks, everybody have a great night. I'll talk to you tomorrow morning. Be well.