1. Fed day...Jay Powell and Company (FOMC) were dovish as expected, but yields jumped on the 10-year note, the dollar strengthened and gold sold off. The markets ended lower but well off the lows of the session. Not the reaction one would expect from a dovish Fed. The market is telling us a different message than the Fed. A lot of moving parts. Mr. Market seems to think so. Powell believes he's going to remain dovish, but the market doesn't think so. He saved the day, markets were getting pummeled. Bond yields spiked 9-10 basis points. The Fed is driving markets. Otherwise we wouldn't have the froth we're seeing now.
2. Gold/silver got hammered, GLD testing 50 day moving average. Coming back to the 1800 support level which will be tested tomorrow. Silver down 2.6%. Metals ran out of steam. Nick still sees gold going up. An expected pullback. A buying opportunity for those with guts. A natural retrace.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.