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Markets Steady As Metals Down But Stop Falling

The markets continue to hold steady, neutral to higher. Day after day, neutral to higher is the way big Ben Bernanke wants things. Keep the average American high on inflated assets to get them spending their hard earned Dollars. This is the way the world turns.  The SPDR S&P 500 ETF (NYSE:SPY) is trading at 123.05, +0.22 (+0.18%). As I have said daily, expect this to continue as no catastrophe occurs in Europe or Asia to throw a wrench in the Federal Reserve's plan.

Gold and silver continue to pull back after a monster reversal yesterday. While they are both lower on the day, they have both hit key support levels and bounced off their intra day lows.  The SPDR Gold Trust (ETF) (NYSE:GLD) is trading at $135.01, -1.49 (-1.09%). It hit a low intra day of $133.88. The iShares Silver Trust (ETF) (NYSE:SLV) is trading at $27.84, -0.24 (-0.85%). The SLV hit a low intra day of $27.34.

This sharp pullback in the metals is a direct result of the massive run-up and hype seen lately. Media outlets, analysts and more were pumping the gold and silver trade non stop over the last week. I had given my members a short signal. Avoid the hype, read the charts.

Gareth Soloway
Chief Market Strategist
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