Hello MarketClub members everywhere. After erasing the losses from the biggest drop of the year last Wednesday, the markets have entered a bit of a holding pattern. Traders are waiting for the Federal Reserve to release their meeting minutes for the May meeting. Everyone is waiting to see if there will be a rate increase next month. Fed funds futures show that traders now see a 75% chance that the Fed will raise interest rates in June. The minutes will be released at 2 p.m. ET.
After six days of gains, crude oil has cooled off a bit as OPEC prepares for a crucial meeting in Vienna on Thursday. Meanwhile gold triggered a new red daily Trade Triangle indicating that gold may be preparing to head lower.
Key levels to watch this week: [Read more...]