10/2/2025
The DOW was quiet this morning but rose later in the day finally selling off a bit late in the day.
DOW is still below 46714 so I am still on the belief that this is a second wave of a developing five down from the top. SPX and NDX both up, the big bull does not give up easily,
I could not locate any one stock that caused the rise but it was modest at that.
The weekly new highs versus new lows chart looks much weaker than the DOW average. This is because the DOW is weighted heavily for certain stocks, the new high new low is not and therefore shows the market is buoyed by a handful of stocks,.
Crude oil dropped $1.10 to 60.68. I will have a lot more to say in my newspaper column which will be posted tomorrow mornng. Looks like we may be headed fora re-test of the $55 low.
Silver was off 87 cents in what looks like an outside reversal day to the downside. Parabolic rises end in collapse. Silver is way overbought do not buy now. Same for gold..
Newspaper column tomorrow morning and I will update more tomorrow after market close or this weekend
Let me know what you think of eh new site and psots at dennis.elam @att.net
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