A week long sell-off in the major market indexes ended on an up note on Friday's record $7 trillion year-end options expiration. This produced a number of pocket pivot moves in big-stock techs, such as Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT) and Nvidia (NVDA).Whether these are one-off volume distortions due to a record OpEx day or the start of a potential Santa Claus Rally will be clarified once the new trading week begins on Monday.
The
NASDAQ Composite regained 50-dma support on Friday after closing below the line three days in a row. Meanwhile, both the
NYSE Composite and the
S&P 500 regained 20-dema and 10-dma support, while the small-cap
Russell 2000 regained 20-dema support. For now, the indexes remain in more or less neutral chart positions as we head into the short Christmas and then New Year's Holiday trading weeks.
While some may debate whether stocks will see a Santa Claus rally into year-end, the issue is quite moot for the hottest-performing asset in the market currently, silver.
COMEX Silver,
Spot Silver, and the
iShares Silver Trust (SLV) all posted all-time highs at $67.395, $67.21 and $60.93, respectively, on Friday as the white metal's steep uptrend that began in late November continues with no let up in sight just yet.
Gold posted a new all-time intraday high on Thursday of $4,409.50 before settling in to close at $4,368.70. The
SPDR Gold Trust (GLD) continues to hold tight near all-time highs as it continues to hint at a potential breakout perhaps sooner than later.
On Wednesday we reported on gold miner
AngloGold-Ashanti (AU) and silver miner
Coeur Mining (CDE) as they posted VDU action along moving average support. Both stocks then moved higher from there as CDE also posted a big-volume pocket pivot off the 50-day line on Friday.
The "other precious metal," copper, and the copper miners also continue to lead the market. Both
Freeport-McMoRan (FCX) and
Hudbay Minerals (HBM) have been in steady Santa Claus rallies since bottoming back in late November. Other coppers, like
Ero Copper (ERO),
Southern Copper (SCCO) and
Taseko Mines Ltd. (TGB) continue to base, with SCCO and TGB posting pocket pivots at their 10-dma and/or 20-dema on Friday. If the market continues to melt-up into year-end we would favor the precious metals space, including coppers as primary long targets. While big-stock techs did post bottom-fishing pocket pivots on Friday, money flows into the space may remain muted as commodity names show relative strength.
The
Market Direction Model (MDM) remains on a
CASH/NEUTRAL signal.
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