Thursday Market Commentary - November 10, 2016
Stocks - The stock market just went through a wild and volatile 24 hours of the futures market strongly selling off when it was evident that Trump would win the election. Then rebounding after his conciliatory acceptance speech to close strong at end of the regular trading session yesterday. Internal market indicators were not as strong as the price move, suggesting weakness to yesterdays up move closing prices. For now the near-term forecast is neutral. Further price action today and Friday hopefully will give a more clearer direction to the stock market.
Bonds - The 30 Year US T-Bond got killed yesterday crashing straight through the 160 major support area hitting the low 156 price area. After a huge one-day sell-off like this, look for a very possible near-term rebound. Longer-term the forecast is for a much lower price very possibly hitting 128 price area.
US Dollar Index - The USD index went lower to 95.885 then reversed to close at 98.66 yesterday. The forecast is now again for 100.51 or higher with 95.885 as major support.
Gold - Gold had a huge range of $68.00 spiking to 1,337.81 then reversing to a close of 1,269.53 yesterday. 1,242.65 is current major support for Gold and possibly to head higher to a upward forecast of 1,434 to 1,500. If 1,242.65 support breaks look for much lower prices from there with 1,200 as major long-term support.
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