Gold and silver crushed because of the FED news- I find it so funny but people don't understand this market upmelt is all because the FD is in the marketplace supplying huge load of cash. Cash is not endless and when the FED starts pulling away the candy like it hinted at yesterday all the bricks will fall once again.
Folks loading up like everything is ok, oh yep right!! watch the FED, they are the key to all of this as I have said numerous amount of times.
Thursday, June 20, 2013
Update
Recap: Early chop leads to a dip after the FOMC meeting announcement as the market closes on its lows. volume came up and breadth was pretty Bearish.
It was super choppy early, but Breadth could never get going, which I guess was a hindsight clue. At the time, it was just boring.
For today, we are oversold, and into support. We've turned into a rangebound market here, so a chop out into the weekend would not surprise me. I don't want to even make a lean one way until we see a move away from the current slop.
For today, weakness is a buying op with confirmation, but again, I won't be hanging around long if we cant get some follow through.
It was super choppy early, but Breadth could never get going, which I guess was a hindsight clue. At the time, it was just boring.
For today, we are oversold, and into support. We've turned into a rangebound market here, so a chop out into the weekend would not surprise me. I don't want to even make a lean one way until we see a move away from the current slop.
For today, weakness is a buying op with confirmation, but again, I won't be hanging around long if we cant get some follow through.
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