Tuesday November 19, 2013 08:40
The market achieved our short-term objective yesterday, trading down to the $1,268 support level. Although we believe the Fed minutes released tomorrow will not show a different perspective than that released from the lips of Janet Yellen, it creates enough of a “what if” to hold the market. The focus in the short term appears US dollar targeted and suggests that the USD/Euro has stabilized, which should create some consolidation in the metals. There are significant financial risks just around the corner, which continues to play in the heads of the bears. Snapback rallies are certainly on the table.