The market read between the lines of the FOMC decision and in particular Chairman Powell's remarks and assumed that the Fed is in a pivot to a less hawkish stance on interest rates.

And so gold and particularly silver rallied.

Stocks went stratospheric.

The Dollar dumped back to the 106 handle.

Whether this interpretation of the Fed's intentions is valid or not remains to be seen.  

Certainly, eyes will be on the data,  

After hours the corporate earnings reports were a very mixed bag.

Tomorrow we will be getting an advance look at 2Q GDP.

Regardless of this backward look, history suggests that we are heading into a recession. 

Unless this time is different.

Have a pleasant evening.

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

More By This Author:

Chances Of A Recession Later This Year Or Early Next Year
Stocks and Precious Metals Charts - FOMC Rate Decision
Stocks And Precious Metals Charts - Aspirations