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The markets are pricing in the expectation of a Fed policy pivot, signaled by a rate cut at their next meeting in September.

The question is whether the cut will be 25 or 50 basis points.

Stocks ranged, finishing just a little lower.

Gold and silver were just slammed in the early trading, with a determined move to run the stops of the speculative traders.

The prices quickly recovered in the aftermath of this blatant trading gambit.

All eyes are turning to the Non-Farm Payrolls report on Friday, in the hopes that this may illuminate the Fed's future rate decisions.

This is an artificial market—  a construct.

It lack's stability.

Have a pleasant evening.

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