 Okay, members, welcome to a market wrap for November the 24th. Okay, so we, we booked some profits today. I want to talk about the FAFs, which is the Direction Daily Financial Bull ETF. We booked a profit there of 41, nearly 41.5%, not quite like 41 spot for three, something like that. And we went adding a little bit more aggressively today to the GDXJ. I want to talk about the logic behind both of these trades and what we're looking to do. Because we're not looking for a strategy going out at current one month because we know the probabilities of what's going to happen here. We're going into Christmas season and in all probability we are going to head up higher. Tomorrow being Wednesday, it's going to be a quiet day. They're going to keep this market in check. If there is a sell off, it's going to be on very light volume, Friday an abbreviated day. So it doesn't make much sense to try to short this market aggressively at current. Now I do have shorts on, but there as a hedge against our long positions. And at some point in time, those long positions are going to come off and we are going to be short of the market. Perhaps not net short because it would be long of the gold miners, but that long of the gold miners is as protection against inflationary pressures. So why do we close out the FAS, the financial bull leveraged ETF today? It's up 16% on the week and this is a weekly chart. And you could see that for the third consecutive week, we are trading above the third standard deviation bongeman. Can it move up higher? Sure. But we have resistance on a daily timeframe immediately above at around $55.50 per share. We close out the day at $55.72. So technically that resistance level is slightly above. So let's call it $55.80. So it looks as though we'll probably pop up higher here. Could we break out? Absolutely. Again, this is a bull market. However, we were overweight of the banks. We have rocket mortgage, which finally started coming to life today. We have the FAS, which is pretty overbought on a weekly timeframe at resistance on a daily timeframe. First out, best out. Let's make profits real and we can always buy back in on a pullback. It's at points in time like these when you don't have to sell, when you should be lightening up a little bit. Everything is good. It's pixie dust and cotton candy. When you have that type of a day where nothing is wrong with the market, you need to be looking at the exit door ever so slightly and then do what we did this morning. We had a price target of $48.50 on the GDXJ. And you can see on this daily chart, for those not familiar, GDXJ is the junior minor ETF, gold minor. And we had broken support here on the 23rd. We had a price target of about $48.50. What did they do this morning? They gapped it down below the $48.50 mark. We were buying it with a $47 handle in the pre-market. It closed still down on the day, but well off the lows at $48.10. At one point in time, we were flirting with a recapture of the $48.50 mark. It wasn't to be, but I think that we're very close to the lows here on the GDXJ. Take note of your stokes. Very oversold. We haven't been this oversold on stokes since back in March. That was at the low of the COVID sell-off. Then look at the subsequent rally thereafter. So it's always darkest before the dawn. And that's why I like to take advantage of these gaps down. Not for the sake of the fact that it's gapping down. It has to play into a logic. What is the logic? The logic is this, is that why would the gold miners rally? Well, inflationary concerns, right? So when you take a look at oil, oil is up over four and a third percent today alone on the month. And it looks like it's going higher on the month. This is the USO on the month. We are up 22% on oil prices. And guess what? They're going higher. If this is an inflation, I don't know what is granted. Yes. The Federal Reserve likes to take out food and energy out of their inflation numbers because it suits them and they'll throw them back in when it suits them. But the reality is, is that we have inflation that is bubbling up. And as this economy begins to reopen, you're going to see inflation come out of the Genie's bottle and there's no putting it back in for a long, long time. Why else are we buying the miners? Simply take a look at the US dollar. We spoke about this last night. Let's go to my saved annotated chart. There we go. So the dollar yesterday had a reversal bar. It closed up on the day. Resistance to 25. It couldn't close above it. But it was a good day. Was volume wonderful? No. But it was a good day nonetheless. And one would think that if the dollar was healthy on a bullish reversal day that we would get a file through day to the upside. It wasn't to be. What happened today? Inside day. No new high, no new low. Maybe it's retesting support for all I know. But I think that the dollar is about to break. Take a note of your RSI here. Lower highs, lower lows. Stochastics, lower highs, lower lows. I think that we are breaking here in the very short term. What do you want to be long of in an environment where the dollar is breaking down to multi-month, multi-year lows? You want to be long of gold. You want to be long of silver. Weekly chart. Look at this bearish reversal bar. At current, we are down on the week below. Pretty solid support. What was support is now resistance. We have been rejected this week. This is why we are rebuilding our gold mining trade, which closed a vast amount out of several weeks ago. And now we are rebuilding in anticipation of a dollar break and more inflationary pressures. Why is gold been down of late? It's because there's been looming lockdowns, deflationary concerns. Those deflationary concerns will now abate. So, folks, while the GDXJ is not a handsome-looking chart, just keep in mind that it has historically, not of late, but historically, an inverse correlation to the U.S. dollar, as does gold, as does silver. And I think that we are very, very close to seeing a bottom in gold and silver prices, as well as the miners. I've beaten this to death long enough. Last chart as it pertains to the gold miners and why we are rebuilding that trade. Take a look at the chips. They've been in inflation-protected securities. They've been in a very, very tight consolidation. They haven't done much of late, but the chips are poised for a major, major breakout. Any breakout above 126.54 marks a new all-time high, and we close out the day at 125.76. So, the historic correlation between the chips and the gold is pretty lock-stepped. So, what we're doing is we're front-running inflation, and that's the game plan. Let's move on to the rest of the charts. Bonds, TLT, 20-year bond ETF down day. Yields rose, bonds pulled back. Volume declined, but a pretty bearish day. Let's see whether or not this 20-period moving average holds here, but certainly under threat. The Dow Jones Transportation Index up over 2.3% new all-time highs on volume, no less. Nothing to sneeze about. Stokes hooking up higher yet again. I think we're going higher. I could be doom and gloom as much as I want. The charts are saying, you're too early to get in that short this market. Okay, Dow Jones Industrial Average. We broke out today, up 1.5%. Volume, very good, above average. Who am I to argue? We're probably going higher, and we closed above 30,000. Now, I did call. So I was wrong. Technically, I was wrong. I did call for Dow Jones 30,000 by election day, I said. I think it was election day. And I was off slightly, but we did get it within 2020. So what might happen here, before we move up higher on the Dow, is that take note of RSI. We may get a pullback here, a retest of the breakout point. I'm still worried about these stokes. Are they sending us a signal? Are their shoulders set up forming here? I don't know. I'm not ready to take that off the table yet, but this will probably get negated. However, the market sends us signals. I'm not ready to throw this into the trash bin just yet. S&P 500 at it. Higher high today, one spot, 6%. Indicators look strong. Volume, horrible, horrible. Very light volume today. Not what you want to see. Daily breakout. RSI looks strong. Stokes look strong. Good looking chart. But volume, horrible. Volume today on a breakout was less than yesterday's horrible volume. So, warning flag on the track here. The candlesticks look great. The however is, volume. IWM, daily chart. A good respectable update. And it did so on volume. A wee bit of a fade on the day off the highs, but nothing to write home about. Do I think there'll be a pause here? Yes. Based upon what? Not so much the daily chart, more so based upon the weekly chart. Very extended here. The third consecutive week, trading above the two standard deviation Bollinger Band and flirting with the three standard deviation Bollinger Band. So, this is not going to last much longer. We're going to get a reaction. This is a very complacent market, folks. The banks, we already went over the FAS. I'm not going to spend too much time here. This is the XLFF up over 3.5%. We can go higher here, especially if yields move up higher again. Volume, not wonderful. XLK, very close to a breakout. This is technology. Here's the concern I have. And it's the same setup, except not as mature yet as the cues. Let's take the cues. Let's bring them over here. Next to the XLY, we're going to toggle back and forth. Here are the cues. Let's take our crayon out and draw some annotations here and illustrate. We have lower highs on our stokes. Let's say that we are flirting with support at current on the stokes. We need to hook up. The same could have been said about the XLY a day or so ago, because while the XLY was up over 1.3% on the day and closed near the highs of the day, look at your stokes. They made lower lows and they have broken down. The stokes are in a downtrend on the XLK. Is this a reason to go selling your technology shares right here right now? No, it's time to tighten up stops. I think the path of least resistance, given the market conditions, remains higher. But you start seeing these stokes trade down below this 50 mark warning flag on the track. Volume today, think about this. Look at this volume. About half of what the moving average is. Yet we were up to spot 39% on the day. Creepy. Consumer discretionary. This is a weekly chart. Let's go to a daily chart. Breakout today. No closing high. The indicators look good. Volume horrible. So we're seeing a theme develop here excluding the small caps. Energy. Daily timeframe. Monster. We are still long of ExxonMobil, volume is still outstanding. I'm not ready to sell yet. I think there's more upside to go here. I was more concerned last week than I am right now. LABU. We had a conversation about this earlier. About LABU and whether or not there should be rotation out of it. One could argue that you know, yeah, today was a bearish reversal day. The argument was not an argument. It was a conversation about whether or not to get out LABU long. It's not that I'm long of it. But then get short. No, I wouldn't do that. Yeah, past couple of days for those not familiar, LABU is the biotech ETF, leverage ETF. A down day today and underperform the market. Certainly not a short candidate. So I would strongly dissuade anybody from shorting it at current. But you are seeing some concerns here. Lower highs. And a breakdown here on stock RSI. Light volume today was just that light. So while I wouldn't go buying more here, I would not go shorting it. Just tighten up stops. Gold. We already spoke about this. I'm not going to spend too much time. This is the GLD. Let's just talk about the spot price. 1800 is or should be firm support. I think that we are at or near the lows on gold. More to come on this. I don't want to belabor that topic anymore. Uranium, the URA, which we are long of and it broke out today up over 3% on the day. I think that we are going higher. Look at this volume. Unlike the equity sector, meaning cues, large caps, uranium outstanding volume. Moving up higher, we're going to remain long. Rocket mortgage daily chart up 2.5% finally caught a bid. But still, no respect here. It still couldn't close at the highs of the day. I don't like the fact that stokes are down below 50. Makes sense. Stokes are down below 50. What happened? Rally faded. So we'll remain long. I'm not adding more right now. Facebook. We saw a breakout on this trade today. The only caveat I'll give you with this trade is that while we closed up over 3%, these stokes are weak. This needs to get resolved. So we may get backing and filling here. I will not add until we get a pullback and retest of support and these stokes must flatten out, hook back up. I love the RSI. Closed back above 50 mark. Good stuff. Volume anemic. U.S. Steel. New trade. We went short of U.S. Steel. Why? It is trading above, well above, extremely, extremely above. 3rd standard deviation Bollinger ban. Can it go higher? Yes. We're eyeballing $14.50 to $15 per share as a target to put an advanced order out to add more to our short trade. I believe they caught an upgrade today. So you saw a bunch of shorts get squeezed. Volume was very good. So I can't blame it on shorts. There was obviously some institutions in here as well. But this will correct. This will come in. I'm not betting on a crash. I'm betting on a correction. Brief one. First out, best out. Book those profits. Ideally, hopefully. God willing. A profit. And we move to the sidelines. Cal main foods, daily chart, bullish reversal day today. Up over a percent. Volume about average. I'm not ready to go buying more here. It's developing perhaps soon. Not quite yet. Exxon mobile. Closed. One penny shy of $42 per share. That would mean it's $41.99. Genius, Bob. So a great day. Up over 6.5% on the day. We do have resistance above at around 43.27. I may look to book some profits up there assuming that we do get up that high and then look for a reaction to the downside to go buying those shares back. Gold money. XAUMF. Good day today. Gold was down. Gold money was up. Over 1.75%. I wouldn't go adding more here. We're still trading down below. Multiple moving averages. Stokes are still weak. I think this is simply a watch. Volume was good. And with that folks, I'm going to say everybody have a great night. I'll talk to you tomorrow morning on swing trading today. Till then, be well.