The parabolic up moves in gold and bonds told you everything you needed to know about what the market thinks the Fed will do. Nothing. In fact, the next move is more likely to be a cut than a hike. Today we got a relief rally from very oversold conditions, and those OPEC rumors had nothing to do with it.
Although it was quite convenient of them to plant that rumor right after the crude oil close, so that the oil traders couldn't actively sell the pop.
With today's price action to close out the week, it looks like a lot of short covering ahead of the 3 day weekend, as crude oil was leading the market all day as it was extremely strong. I don't know how long this bounce goes but I am going to stay with the long. These moves usually last several days when coming off a climactic bottom like we saw yesterday.
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