Tag Archives: HUI
It looks as if the nasty little “correction” that began on Wall Street in early August is blowing out to a climax. Expect some sharp intraday swings over the next couple of days. When the dust settles, though, the traditional year-end rally should be ready to kick in.
It’s all but a foregone conclusion that the Federal Reserve will lift short-term interest rates tomorrow. The interbank lending rate (fed funds) will tick up to 2.5%, the sixth quarter-point increase in a row since last June. Tea-leaf readers will try to parse Greenspan’s language in tomorrow’s release, but they miss the point.
Gold is popping this morning, back up to the vicinity of last Friday’s highs. So it’s a good time to review where we’ve come from, and where we’re likely to go.