Market was up big today.
Is this the beginning of the Santa Claus rally or
just an oversold bounce.
Given the current news driven market environment I suspect the latter.
Daily Market Snapshot
Gold gains, but its outlook will remain uncertain
until it closes above its $1650 resistance level.
.
Moreover, gold no longer fullfills the role of safe haven.
Gold now seems to move in line with the stock market.
Correlations do change over time.
While the MDM is still green, the market is not acting well in general.
Some market observers refer to late December as "Silly Time" and rightly so.
Market Direction Model
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