1. Markets are continuing to rally again today. The move since November 2nd has been explosive and the October highs are now being tested. The volume has been heavy on this move up so this will usually last a bit longer. No real problems, rally to continue
2. The election results are still not in yet and this is still a factor for stocks in the near term. More importantly, even if President trump does not reclaim the office as long as the there is gridlock in DC then that will help the markets rally near term. Is stimulus on its way? Will stimulus be permitted by the senate? More gridlock which is good for the market.
3. The Weekly Jobless Claims number was 751K. That was somewhat in line with expectations. Continuing claims declined to 7.285 million from a revised count of 7.823 million. Eclipsed by election noise.
4. Later today, the FOMC (Federal Open Market Committee) will make their interest rate policy announcement for the United States. While we do not expect a policy change, the verbiage can sometimes move markets.
5. Gold and silver blast-off. Markets are inflating. Flying higher, great move in gold. Gold futures up $52. Silver monster move today, futures up $1.25, more room to fly. Going to $26, will it stall out then. There’s no problem in the metals, relative strength is huge. Inside bar pattern continues. No break-out signal yet. A much higher high is coming.