Until this morning, the bears were toast. At the end of the day, they were burnt toast. 2023 has been an absolute wreck for the bears and an unchecked bonanza for the bulls. Witness today alone, as the US dollar plunged following the FOMC.
Causing gold to roar almost $50/oz higher.
And it released the S&P 500 from its Fibonacci prison…….
The Utilities (by way of XLU below) were extraordinarily strong, even cutting above the multi-month trendline.
Congratulations to those of you who did well today. I think I’m going to stay largely inactive until a few days into the new year, while I wait for some of this smoke to clear. The sheer momentum from all this buying will probably just keep feeding on itself.
