Tonight – I update the various markets after an incredible week of intense surges in volatility. Across the board all the markets I follow produced big money moves in both directions and several times during last week’s sessions. The markets also remain on edge in trying to deal with what the FED may or may not due next Wednesday. The pundits on the financial channels from what I understand have been quick to state what the FED NEEDS to do. The verdict of course is still out as to what the FED actually feels is appropriate action in confronting problems on several fronts.
During cases such as what the US and for that matter what the global markets are doing in an attempt to prepare for — what? TBD, I turn to my long-term Elliott Wave counts. All continue to point to lower equities, higher interest rates, lower bond prices, higher gold and silver prices and the dollar ultimately likely collapsing.