Let it Snow

The first real cold front of the year has hit Park City and the peaks are are full of cold smoke!
I don't think the snow will melt as it is due to stay cold over the next week and the days are getting shorter.

The Mountain Host department got together for the first time. As an outsider, it is good to see the comraderie and excitement that mid-November brings to the group. Another year is upon us, my first on the team.

As far as the markets go, the $SPX still has resistance at 1100.00. If you are protecting your portfolio or starting to enter bearish positions, this is the place to be short as your premiums are relatively large and your risk is low (creating a nice risk to reward if you are correct) and a small loss if we EXPLODE to the upside.

Speaking of exploding, the commodities are still roaring, but are we seeing double tops/failures? This seems to coincide with the DOLLAR setting higher lows against every major currency except the GBP.

The dollar weakness and equity strength has been a very interesting corrolation - if equities rally, it will be interesting to see if the dollar weakens as it is up against major trendlines (see USD/CAD) and possible double bottoms.

Does this mean equities are tiring at these elevated levels? If you are planning on a ski vacation to higher altitudes, make sure you get your pre-ski workouts in - anything you can do to combat the elevation changes will help (it just may not seem like it when you see the Local's out there!)

Happy Trading,
Brian