The Fed held rates steady today and indicated that their main concern is growth thus signalling a friendly rate environment for investors. NY equities rose by almost 3% as a result. While I had thought we would see more downside probing this week in advance of an August rally, it seems that the rally is now underway.
To almost no one's surprise, Gold fell further today, closing at $886. I think we'll see further declines back to $850, if not below.
Oil also fell back to $118. I think it may fall back to $110 before undertaking another rally later in August.
