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November 18, 2025
 
     
  Everything Marks Time Ahead Of The Jobs Data  
     
 

Stocks were lower again, with the S&Ps and QQQ both losing a percent to new lows for the move for the slide. BLDR also notably fell another percent to another new 52-week low.

Positions: Short SPY, MDY, IWM, QQQ, XHB, and BLDR.

Commodities were mixed and are basically marking time moving sideways for the most part after having reversed last week.

Gold and silver similarly marked time and were up small. The GDX gained under a percent and similarly marked time below the 5 dma. Once again, gold, silver, and GDX all closed below the 5 dma once again, which leaves the bears in charge.

I still believe we're going to see the metals and miners move lower with stocks, but perhaps we can see a bounce in everything tomorrow ahead of the jobs data on Thursday?

My gold model remained at neutral.

Positions: Long ZSL and GDXD.

The dollar was a little firmer again, and I still suspect we're going to see the DXY attack the 200 dma soon (maybe on the jobs data).

BTC bounced a little. Positions: long IBIT

Yields fell slightly.

 
     
     
 
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