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The metals held their levels even while stocks took a fresh leg down on the usual kicks, bangs and thrills of the Federal Reserve and its endless taper talk.
August delivery is entering its last seven days, and so the action may pick up into its culmination next week. So far we have been very quiet, as most seasoned traders have taken off for their summer vacations in the European manner.
I will let you know if there are any big changes in COMEX inventory. But as I said, if a problem occurs it will not show up here first, since the COMEX has become largely a paper market.
The FOMC brought a little more action today to the downside although they did not say all that much which is new.
I figure we will follow the downside momentum on the SP futures to the bottom of the uptrending channel with an overshoot, maybe for one day or intraday. So we have a little more downside to go, and then we might see a bounce on Friday into the weekend, or next week.
If stocks keep going and take out that uptrending channel and exceed the 50% retracement by quite a bit then we might be in for a real trend change, although August seems early.
FOMC minutes are coming out tomorrow afternoon, otherwise most traders seem to be on vacation.
