Let us not overlook the the importance of the dramatic fall in equity prices yesterday. We do not believe that it was a one day event. Certainly a move of over 2% in one day to the downside cannot be seen as a positive in anyone's book.
I could go on and on about the debt ceiling crisis or the lack of resolve, but it seems pointless. I think the market is just going to generally roll over to the downside. I do not see any strong rally today. I think even when they come out with a resolution it's going to be viewed as negative and not enough and we will see the market once again be on the defensive.
The pressure on Silver and Gold earlier today is the first sign of profit taking that we have seen. However, both markets remain in an upward trend. Crude Oil continues to be trapped in the broad trading range that we discussed in previous broadcasts.