1. There is an FOMC (Federal Open Market Committee) announcement at 2 pm ET. The central bank is not expected to make any moves as far as interest rates, but their statements could move markets. Either way, I believe they will remain accommodative, but he might want to sound a little hawkish since we have seen a massive rally since the March lows. Not much more they can do right now.
2. May CPI was basically flat and therefore the money will keep flowing.
3. Some weakness in the financial sector. Now it’s all about watching the pattern. Will probably setup on the back of a short squeeze. This is the most hated rally ever. The hedge funds and big money managers have missed.
4. Monday was a big day so the rest of the week is backing and filling. Hotels are pulling back.
5. Metals are up silver especially, but gold too. As long as they keep the pedal to the metal, precious metals are a go.