Today was exactly what you would expect for the day after the Fed does what everyone wants them to do, nothing. It was your typical follow-thru day after a roaring rally with the kind of internals we saw yesterday. The internals today were Goldilocks again, not too hot and not too cold, stocks were right around 5:1 up and the volume was just over 3:1. These are not climactic but still quite respectable.
Then we have the A.A.I.I. sentiment numbers; bullish down another 3.1% to 24.8% or over 30% under its long term average. The bearish and neutral numbers up to 20% and 30% receptively over their averages. With the NASDAQ closing at new highs again today, over 75% of investors are either neutral or outright bearish. This is the “Wall of worry” you hear about being climbed.
The futures are about unchanged tonight with the oil - $ .52 and the stock futures all unchanged, with gold -$5. If we continue to get a small selloff in the metals I will want to add the GLD calls. We still have HL common and the silver continues to outperform, but I believe that everyone should own some gold regardless. CAM
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