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I’ve been in this business for nearly 35 years and yesterday will rank highly as one of those really weird days. But let’s face it, bulls have more cash to invest [that pesky bullish bias at work] while bears might be a little exhausted. As suggested yesterday, we’re also getting some end-of-month performance anxiety with associated propping.
It seems that our Fed has gone soft on fighting inflation. That’s the message gold, dollar and other commodities are sending. The Fed is mandated with two primary tasks in their overall mission: providing an environment for economic growth and fighting inflation. The obvious question then must be, just how bad are things? That’s a pretty scary thought when all pretense of inflation fighting is abandoned. Remember one more thing, stocks can inflate too!
Some wise traders have routinely advised to not listen to financial news and just focus on the tape because everything you want to know is baked into prices streaming across it.
Have a pleasant day.
Disclaimer: Among other issues the ETF Digest maintains long or short positions in SH, PSQ, FDN, MYY, RWM, IEF, GLD, DBC, DBE, DBS, DBA, ILF and EWZ.