In the meantime, stocks are doing fine in the face of declining corporate bonds. Which one will give here?

$GDX is outperfoming $GLD as we speak, which is a bullish sign – we want to see miners show relative strength as a precondition of a rebound that could stick. Will it last, and when will we get one actually? Still an open question...

Hi Jordan, I agree and likewise have been writing myself daily, that this gold (and miners) correction is taking a bit too long, given the more or less mildly bullish signals we had been served, even in the seasonally strong month of February. I also think we're closer to the bottom than the permabears appreciate.

30min before the closing bell: XLK is looking really optimistic - have we found the bottom, and can the grind higher in tech slowly but surely continue again, even with lower volume than was the case yesterday? Optimistic finish to the week indeed.

You're showing my leading scenario for the days ahead - yes, I am cautiously optimistic that most of the downside is in. I am laying the case, arguing it in detail here too. Good job through the years and today!

I agree that gold's travails had nothing to do with fundamentals, and the consolidation is getting long in the tooth. I've laid down in my writings two scenarios for support if we are to resume the bullish trend soon. And contrary to the (perma)bears, I think we're closer to that turning point than generally appreciated.

As regards S&P 500 and Nasdaq, we might be looking at tweezers bottom here actually (QQQ). And that's far from the only markets that gives some credibility to today's unfolding reversal – too early yet to call whether it would stick or not. I can find good arguments for both sides, and remain rather cautious(ly bullish, whispering) still. While 200-d MA acts as a magnet surely for the correction to attempt to reach, it's far from the only ones at play. So far so good (2hrs 20min to go still).

Let's save here (just in case) the gist of my gold market comment - the metal is working hard to reclaim the $1,700 mark, and could very well strengthen from here indeed - but it must clear the volume profile zone it narrowly left, and fast. Otherwise the next support lower can come into play. I've been calling gold upside and warning against downside this year and prior, looking at TLT and USDX - and the latter is going to turn into a supportive factor, for it's the greenback that would be the key asset on the defensive this year, in a bear market still. I think the new gold upleg is closer than those renowned for overly bearish views think.

Just when I am writing above that the market needs liquidity, action, and lay out the Fed possibilities, Powell disappoints – and we have a hissy fit. No new measures were hinted at – Treasuries on the long end turned lower, and pretty much everything else except oil, in a kneejerk reaction. Dollar is up on the inaction, and that quite explains what we're seeing…

The question is when will the Fed relent? End of 2018, anyone?

Here we go with the progress update 90min since the open:

intial selling pressure in stocks repelled, HYG undecided on a daily basis, through bond markets remain constructive. When will gold notice? Silver again making a recovery run, just as copper.

Who saw the great run in oil coming? I'm an oil bull as well, and featured an oil analysis in my yesterday's article - great to see the bullish conclusion confirmed this soon!

I hope you benefited :)