As we continue trading in the month of November, this has never happened before, plus a look at gold, silver and the US dollar.

This Has Never Happened Before
November 4 (King World News)
Jason Goepfert at SentimenTrader: 
The S&P 500 closed up more than 2%. On the NYSE, there was more volume in declining securities than advancing ones. That’s never happened before.

US Dollar Sentiment
U.S. Dollar optimism index’s 100 day average is at its lowest level in more than 10 years. There’s a strong risk that the USD could rally from here. Given the inverse correlation between the dollar & stocks, this is as a major risk for U.S. stocks (see chart below).

US Dollar Sentiment Lowest In 10+ Years!

J.C. Parets: 
There’s more supply than demand for gold at this price. That’s not my opinion. That’s just been a fact. When demand has finally been able to absorb all of that overhead supply, you’ll know. (See chart below).

Gold Working Through Overhead Supply
When Gold Is Finished “You’ll Know”

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King World News note:  He also charted silver’s resistance (see chart below).

Silver Also Working Through Overhead Supply

Mining Stocks
King World News note:  It will be very interesting to see how the mining stocks trade as they have now clearly broken out vs the price of gold.

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