The recent upside breakout in gold is likely telling us something important about where we want to be invested right now.
Let's check out the charts of the silver ETF SLV today.
The yellow metal is a beneficiary of the combination of 'rate cut mania' as well as global uncertainty,
Low expectations for China-trade talks and uncertainty about Fed action leave traders wary.
AbbVie is dropping on Allergan deal announcement, momentum is weak outside certain pockets.
Gold continues to run higher as the dollar continues to collapse.
Cash is king from a risk vs. reward perspective.
The important thing to remember on days like this is to not read too much into the action.
As investors once again anticipate a near-ZIRP environment, keep an eye on defense names and gold.
If this latest market move celebrating the Fed's dovishness is a sustained uptrend, then there will be underlying support fairly fast.