Today both major stock market indices finished slightly lower. They were down big at the beginning of the day which I will cover in detail a little later. After a day like today it almost seems like the bull market is just unstoppable. It has been ages since the last 5% correction.
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The bond market was a bloodbath at the start of the day. This caused stock investors to panic a little as a bond sell off means higher interest rates. However, never fear because the FED bought up bonds like nobody’s business to prop everything up.
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The US Dollar followed along the same lines as stocks and bonds. It started down and then rallied throughout the day. This rally caused precious metals to be slightly down on the day. The long term trend for the dollar is still down!!! I closed my SLV position because I’m waiting for the US Dollar weakness to return before buying again.
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Keep your eyes on the bond market because it’s the biggest market of all!
Happy Trading