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Opposite Day
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Today's action was basically just the complete opposite of yesterday, with equities, metals and anything else not nailed down rallying, while the dollar was lower but only by a freckle.
ADP was a little better than the consensus at 42K vs. 25K, and the services ISM came in a little better than the consensus at 52.4, while the employment component rose to 48.2 but remained in contraction territory.
The S&Ps managed to bounce a third of a percent and closed near the middle of the day's range. I made no changes to my equity shorts.
Commodities were generally higher across the board, and gold and silver both bounced big but failed to recover their 5 dma. GDX similarly bounced but also failed to recover the 5 dma. I added to my GDXD by 50% and remain long ZSL. I also added SLV 42 puts for Friday for 6 cents after my 42.5s for today got smoked by the bounce. I'm still long the 40 puts too. As I noted yesterday though, rebounds to the 5 dma within a downtrend that fail to recover that 5 dma are a sale from a purely probabilistic standpoint.
My gold model remained neutral.
IBIT also bounced, while the dollar was mixed, with the DXY only losing a freckle after attacking its 200 dma intraday.
Yields rose all across the curve.
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While
I cannot provide personalized investment advice or recommendations,
I welcome feedback and observations. You can email
me at Lance Lewis. For all website and subscription related questions, please email DMS Support
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Disclaimer: Lance
Lewis periodically publishes columns expressing his personal views
regarding particular securities, securities market conditions, and
personal and institutional investing in general, as well as related
subjects.
Mr. Lewis is the president of Lewis Capital, which is a registered
investment advisory firm in Dallas, Texas. The firm regularly buys,
sells, or holds securities that are the subject of Mr. Lewis’
columns, or options with respect to those securities, and regularly
holds positions in such securities or options as of the date those
columns are published. The views and opinions expressed in Mr. Lewis'
columns are not intended to constitute a description of the securities
bought, sold, or held by the firm in its capacity as an advisor.
The views and opinions expressed in Mr. Lewis' columns are also
not an indication of any intention to buy, sell, or hold any security
on behalf of the advisor’s clients, and investment decisions
made on behalf of clients may change at any time and for any reason.
Mr. Lewis' columns are not intended to constitute investment advice
or a recommendation to buy, sell, or hold any security.
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