1. This afternoon at 2pm ET, the Federal Open Market Committee (FOMC) will make their interest rate policy decision for the United States. They are already doing QE unlimited so I do not expect them to make any changes there. Sometimes the verbiage by the central bank can move markets. So we will need to watch for that. What else can they do? Their verbiage could move markets. It will be followed by Jay Powell presser. It’s just noise in the short term. We’re no longer in the Greenspan Era. The Fed pretty much tells you what they’re doing. You can’t fight the Fed.

2. Yesterday, the markets sold off into the close and today they are trading higher. No major breakdowns yesterday. At this time, I would just expect more choppy action in an overall uptrend. Remember, tomorrow the mega-cap tech stocks report earnings. Apple, Google (Alphabet), and Amazon are scheduled to report tomorrow after the close. June 8 highs are holding. Easy money has been made. We had a huge run from the March lows.

3. Gold and silver might be pulling back today. Mining stocks are overbought. Gold futures are up while spot is down. Miners are selling off, down 2%. A pullback is probable, but not necessarily inevitable. We could just go sideways which will lead to a major bullish buying opportunity. Summer has become a strong season for precious metals, which could be an indication of some change in the underlying markets.

4. Put to Call ratio, super bearish. Volume has been anemic. Spydr volume is way down. When the volume is light, there’s an upside bias. When volume surges, look out for distribution.