The “relief” rally I spoke of yesterday ended today. It should have been obvious to most investors that the rise in interest rates would send the US Dollar higher. That in turn sent most commodity prices lower including gold which is definitely in a bear market.
The other commodity that made the biggest impact today was oil. It declined below $35.00 closing at $34.95 a decline of 1.6%. All of this weighed on the markets all day.
Tonight’s Market Direction Outlook is reserved for members. The outlook discusses today’s market direction sell-off which was in contrast to Wednesday’s big gain following the Fed’s interest rate hike..
Members Only Market Direction Outlook – Special Commentary
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