Happy Thanksgiving!
The market managed a modest gain as the dollar dropped and gold went to a new high, yet again! Gold finished above $1190/ounce!! We took things easy on Wednesday to get ready for Thanksgiving. Most sectors closed higher and VIX came down to test 20. It managed to bounce a bit and closed basically unchanged. Commodity sectors were strong today as gold and gold miners led the rally. Even energy stocks bounced as oil came back up a bit. Still, it seems like the financials remain the key that's holding the market from breaking higher.
Another thing to note is how strongly the agriculture stocks bounced today after a day's rest: MON +3.48%, POT +1.85%, MOS +3.48%, CF +2.67%, AGU +3.35%. It dose seem that one way or the other, one company or maybe two, some merger/aquisition deals are going to happen in this sector. It is certainly fitting to talk about the agriculture stocks on Thanksgiving, as it is a holiday not only about family and givng thanks, but about celebration of harvest! We'll keep our watch on these potential M&A deals and hopefully capture a good harvest!
Friday is a half-day, with the stock market closing at 1pm ET. Monday should tell the "real" story as we'll get to see how Black Friday and "Cyber Monday" shopping results have fared. Until then, have a very happy Thanksgiving!
Good night and HappyTrading! ™
