FOMC Tuesday

The September FOMC begins today and, while no news is scheduled until tomorrow, there's still plenty to discuss as the markets prepare for the Fedlines and Jerry's presser.

Today has begun rather quietly, however. The precious metals rallied overnight on a weaker POSX but then, of course, began to fall as soon as the Comex opened. (5:20 and 5:25 PT on the charts below.) As you can see below, CDS actually got to $23.70 but now, as if by magic, it has returned to that same $23.50 level that has acted as a focus of resistance since late last week....

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Key Economic Events Week of 2/26

2/26 10:00 ET New home sales
2/27 8:30 ET Durable Goods
2/27 9:00 ET Case-Shiller home prices
2/27 10:00 ET Consumer Confidence
2/28 8:30 ET Q4 GDP 2nd guess
2/28 12:00 ET Goon Bostic
2/29 8:30 ET PCE and Core PCE
2/29 9:45 ET Chicago PMI
2/29 10:00 ET Pending home sales
2/29 10:50 ET Goon Bostic again
2/29 11:00 ET Goon Ghoulsbee
2/29 1:15 ET Goon Mester
3/1 9:45 ET S&P Manu PMI
3/1 10:00 ET ISM Manu PMI
3/1 10:00 ET Construction spending
3/1 10:15 ET Goon Logan
3/1 10:15 Goon Waller
3/1 12:15 ET Goon Bostic AGAIN
3/1 1:30 ET Goon Daly

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