A solid week for markets as they rested well until the Federal Reserve released their statement, which kept rates the same and lowered their expectations of four rate hikes this year to two, and that’s even a stretch in my view, but I’ve been wrong before.
All in all, stocks are acting great and we’re heavy into long positions and looking to hold as long as they’ll allow us, but it does look like the 2016 lows are in place and there is nowhere to go but up from here.
The metals were choppy but held key levels and still look to be setting up for higher.
I’ve had a lot of emails this week happy that I’m on the bull side once again, and others saying it doesn’t matter what I think, and I agree.
I really did think we’d have a move under $1,000 in gold to really put the panic in the perma-bulls but we only got to the $1,060 area and put in a nice base there.
The point being, it doesn’t matter what I think, nobody cares what I think, including myself.
The only thing people care about is how I interpret the action and charts, and that is often right.
This post was published at GoldSeek on 20 March 2016.