Today the FOMC will keep rates unchanged when it delivers its statement today at 2:15EST, although the market will be paying close attention to the language of the statement trying to gauge how soon the Fed will start unwinding stimulus used to revive the patient which kept him alive; furthermore if it’s possible to disconnect the patient from the life preserve machine. Is there a moral issue at hand or a lesson to be learned, yes absolutely: dead patients on a life preserve machines have a tendency to stutter. The key note for traders is how many syllables each word possesses regarding unwinding stimulus verbiage. Clearly Ivy Leaguers have a definite trading advantage today according to the syllable count, which today is no less important than a proper wave count. These fire drills are frivolously futile and meaningless. The Ivy colored propaganda machine marches on.
It’s early but we should 1112.75.
Later this morning I’ll have some gold numbers, although in principle gold heads back up I haven’t checked my numbers where to, then it heads sharply down to 998.00, the USD also heads back down. In addition the Yen erupts to the upside The Aussie also erupts to the upside then back down Soon I’ll have all the numbers..