The broad stock market has been falling a bit since Wednesday, but not strongly enough to convince me that a major correction is underway (although that is possible). We enter another reversal period next week so equities could be headed for some sort of low and a bottom in that time period (Nov. 13 - 22). But this market seems very buoyant so I wouldn't be surprised to see it push higher into next week. If it does that with intermarket bearish divergence, we will consider selling short. The alternative would be a significant low next week to buy. Right now it could go either way.
Still on the sidelines.
Gold and silver rallied strongly early this week and that seemed to support the idea of a new bullish cycle in these metals (starting from their Oct. 6 lows). Prices dropped strongly today, however, so it is still possible we are dealing with an older cycle that will make a new bottom (below those Oct. 6 lows) sometime over the next few weeks. Next week's reversal zone is not specific to the precious metals but it could still affect them. If we get a significant bottom in this time (especially if we see intermarket bullish divergence) we will consider buying. On the sidelines of gold and silver.
Did crude oil make its cycle top at $57.92 on Wednesday (Dec. contract chart)? It's possible, but it was not in a reversal zone, and we are moving into another reversal zone specifically for crude next week (Nov. 14 - 22). It's more likely for prices to edge higher into that time. If they do move higher or even make a double top to Wednesday's high, we will look to sell short in this reversal period. On the sidelines of crude oil for now.