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The S&P 500 ended today’s session a little more than 1% higher than where it started.
Not bad… but before you get too giddy, consider that gold equaled the market’s one-session gain and silver, the “junior metal,” blew them both clean out of the water.
At the same time, trading volume in equities has been very light.
And so we have precious metals leading the markets and anemic volumes. That’s not exactly a ringing endorsement that the next bullish leg up is beginning.
True, JPow and the Fed are… kinda-sorta… leading the market on that lower rates are ahead, but that’s nothing to count on – and it’s certainly not a trading thesis.
Here’s where you should be looking…
