My good friend, Robert Minkowsky summed up today’s action as shown below. I used it as the headline to Grandma’s Pies, and you should all know tomorrow is crunch time. We had a Shot across the Bow with a Distribution Day today, so keep your powder dry, your finger on the trigger and see what tomorrow brings.
So far it is a natural and orderly pullback from an oversold Market, but tomorrow needs to perk up. The Bears are still relatively dormant as seen by the Inverse ETFs, but with the heavy hit on Silver and Gold today and the dollar turning up, we can be in for more trouble on the Stocks. Longer term it still feels like the Market Makers want to keep it bouyant!
Best Regards, Ian.