Loading ...We’re a lot closer to the lows than the highs. If 210 goes, 170-180 is in play in the HUI. GDX has come all the way back to fill the gap it made back in the 2nd week of November. If it breaks here, $22 is in play. I don’t know where the C-Wave takes us but it’s bleak from what I can see.
The dollar (UUP) is breaking up and out above its 200 dma with a lot of air left above.
The SM is now pricing in a .50 bps hike in November, that changed today from .25% for the first time. The headwinds turned into a hurricane for us since Powell opened his yap today. I don’t think they’ll do .50 because they’ve been telegraphing .25 for a couple of months but the damage is done. We may have to wait another few weeks for thing to settle down.
Watch, the SM will come screaming back tomorrow but pm’s will do nothing at best.