Today we saw more affirmations of what we’ve been preaching. Gold and silver pushes lower, the dollar strengthens and media publications focus on the Fed.
Don’t fight the Fed but F the Fed, man. That’s not the story right now. It hasn’t been the story for the last six months. See my rundown from yesterday as to why.
Overall, the equities market is playing a waiting game. Are bulls going to be greedy and bears fearful? New highs if the case. The greed for bulls is getting a little more edgy. Or will the market take its gains and retreat back to low/mid 15,000’s as bulls take profits and bears see an overbought opportunity. That’s really the game right now. I believe the latter will be true in the short term.
We expect the low volatility environment to remain for the next few days but ultimately the market will make a decision as to go one way or the other.
Eyes on unemployment and CPI – the two numbers that mean something for the Fed… the rest is bananas as far as predicting what the Fed will do.