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A rally on very light volumes.
All eyes are on the Greek referendum after the bell, and on the FOMC decision tomorrow which is likely to provide some hint on the Fed's stance on continuing monetary stimulus.
Adobe turned in mixed results after the bell.
A nice move in the metals today, and a bit of a catch up move from the related products like mining companies.
The Greek vote of confidence on the government should be announced after the bell, around midnight Greece time, and 5 PM EDT. This could move the markets ahead of the FOMC announcement tomorrow.
A Bloomberg poll of economists suggests that Bernanke will not end his stimulus program at the end of June, but perhaps change the appearance of it.
A special thank you to the many who send in helpful links and suggestions, often on a daily basis: Bill and Andrew, Malcolm and Michael, Dominique, Ursel, Craig, Jim, Janet, Don, Don Gerardo, Erik, Steve, Srinath, Shino, Chris, Rodd, Wis, Bob, Mikel, Blondie, Dave, Thomas, Tim, Joel, Richard, Lenny, Gary, Rob, Normand, Pierre, Stacy, DaveK, Peter, Max, Philip, Michel, Pandu, Prem, Bryan, Toby, Gwein, Nick, Larry, Petra, Harvey, Adrian, Warren, Francesco, Gonzo, Kohei, Kuzo, Bruce, Sookie's CouponGuy, Sean, James, Jimmy, Toby, Scott, Philippe, Gregory, Pete, Hugo, Ilene, and all the rest. I do not generally give hat tips, but these patrons stand out almost daily.
And of course, props to my unofficial editor Larry S. who helps tremendously by catching even the typos, awkward phrasing, and even the few malapropisms that 'escape my eye.' Sometimes I am on the run, and well, you know how that goes. As they say in central Europe, 'old age is no joke.' And sometimes this effort makes me feel old beyond my 59 years. lol.
Gold and silver were 'stepped on' several times during the day, as the usual antics that accompany a major FOMC meeting have already begun. Since the Fed is expected to say something about the son of QE2, we should expect the powers that be to step on gold rallies to help buttress confidence in paper.
There was a minor to-do on the weekend as the long expected changes in high leverage off exchange trading began to become visible in the markets, with a couple of dealers curtailing paper trading in the metals. I view this as of little consequence, and perhaps bullish because it is the paper market that is used to manipulate the price of the metals lower, although not so much effect because the ruling is only for retail traders, and not the big commercials.
