Well, what a day that was! While on one hand it's completely normal to have the Comex metals jerked around on an FOMC day, to have it happen on a day that we'll look back upon as being so structurally positive is interesting, to say the least.
So, that's where we begin this podcast...with frustration at the usual bullshit but also some positive reinforcement that this day will soon be forgotten.
For example, in the massive bull run of 2016, did you ever pause to remember how awful it felt to get the crap kicked out of you on FOMC day in December of 2015? Probably not. However, that's exactly what happened! In the 24-hour aftermath of that first FOMC rate hike, Comex gold fell $27 and Comex silver fell 55¢. Keep THAT in mind tonight, tomorrow and Friday.
And then to the charts. First, the immediate reaction in CDG, CDS and the S&P:
You can certainly see the macro reaction to today's events by reviewing the daily charts of the S&P and POSX:
Here are your updated CDG, CDS and HUI charts...the HUI being particularly egregious after it had the audacity of breaking out above 160 yesterday.
And finally, if you're confused by all you saw and heard today and you simply want to know WHEN the Fed's QT will end and QE4 begins, perhaps all you need to watch is the S&P Financial Sector. Any breakdown through 340 ought to do it!
Thanks for listening. Hang in there. Dawn is breaking.