What happened over the course of Sunday night can best be described by Gomer Pyle:
That is to say, a fantastic double-digit sell-off on the ES and triple-digit on the NQ which magically was green by the morning. Powell can certainly work wonders, can’t he?
And gold, which crossed above the psychologically-crucial $2,000 mark, got beaten back down.
Frustrating, Exasperating. And pretty much a pisser. I’d say that sums up this market.
Keep in mind the Fed is STILL gobbling up bonds (which is absolutely insane). That ostensibly changes within weeks. We’ll see how long they stick to their guns. I’m thinking maybe a fortnight.
