1. It's Fed day! The FOMC (Federal Reserve Open Market Committee) will announce their interest rate policy decision for the US. the market is expecting a 25 bps hike in the fed funds rate. While this is already factored into the market the verbiage will likely be the market mover. The press conference will be very interesting as he will have to address the recent bank failures from SVB Bank and Signature Bank. After all, this banking crisis was due to the inverted yield curve. I want to hear about the QT (quantitative tightening) that is supposedly taking place.

2. Today, the major stock indexes are quiet ahead of this central bank announcement. This is really understandable since the central bank is stuck between a rock and a hard place. If they raise rates it will slow things down and could hurt more upside down banks. If they cut rates it will likely enhance inflation. In my opinion, inflation is not going away that easy.

3. Gold has pulled back over the past 2 sessions. Gold surged recently on the back of fear and it has become the new VIX in my opinion. This could be a mover agian today after the Fed announcement. Platinum has been a big mover and retraced but wants it lower before going in at $850.

4. Natgas Nick bought Natgas yesterday. It ran up 37% in 9 days and has pulled back a bit. Upside target is the low $3’s and then $4.

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