The market is getting an expected bounce this morning after yet another big sell-off to start the week. We’ve only gotten back about a third of what we lost Monday, and we must be very cautious not to get suckered into anything once the market opens.
We also have a lot of Federal Reserve speakers on deck today and they’re likely to say the same thing: That they’re not ready to lower rates.
Everyone needs to keep in mind that Donald Trump cannot fire Chair Jerome Powell or other members of the Fed. Any claims that he might are false because he does not have the authority, and the talk of doing it is just creating more instability.
And because of that instability, we’re seeing panic buying in gold, which is fast approaching $3,500 an ounce while volatility in the precious metal has reached all-time highs. So again, if you currently have gold, it’s probably time to start taking profits and wait for the inevitable pullback before adding more.
I’m bullish on gold — and silver for that matter — for the long term, but it’s overdone right now.
Here’s something I’m getting very nervous about: The long bond (TLT) and the U.S. dollar…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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