20091116 PM

Dow 10,406.96 +136.49
Nasdaq 2,197.85 +29.97
SP500 1,109.30 +15.82
10-YrBond 3.331% -0.098

Some divergences in indices and components; not all components are strong.

Dollar quickly sold off when Bernanke spoke, sending commodities and indices up. March 2008 the dollar index hit 71.05. Over several years the dollar can go to 52 against the basket of peer paper currencies.

GLD 111.63 +1.89. Gold higher with volume. Gold is above all highs so there is no resistance. Anyone picking specific higher numbers is using projections while anyone calling a top at these prices will likely be receiving a margin call. The inflation-adjusted high of gold is around 1760, though that price was traded for less than a day so it won't present much inflation-adjusted price resistance. Gold looks to quickly go to 1200. If gold goes to 1200 the dollar will be in 72s, which will cause energy and other import prices to spike. Year-end gold of 1250 is quite achievable.
SLV 18.01 +0.86. Silver for December delivery launched 1.02 higher with volume. Silver can follow through to 22.
PTM 17.75 +0.55

XLE 58.77 +1.50
XLF 14.82 +0.16

FXI 46.35 +0.97
FXP 7.26 -0.33

DBA 26.05 +0.50. 52 week range 21.52 - 28.87. There are widespread reports of feed corn moulding in the fields.

SRS 8.53 -0.40. Made 52 week low today. 52 week range 8.36 - 295.72.

BBY 42.93 +1.05. Near 52 week high.
F 8.71 +0.30. Near 52 week high.

ANO 0.78 +0.03
GBG 1.62 +0.06
GOLD 83.88 +3.00
NGD 4.28 +0.13
RBY 4.26 +0.00. Day range 4.20 - 4.39. Other miners up and this closed flat.
SWC 9.03 +1.33
TRE 3.62 +0.12. Nice move on nice volume. Watch how it handles resistance around 4. Jim Sinclair audio interview from last Friday.