Metals traded lower Tuesday along with just about every other asset class due to the level of uncertainty following the Federal Reserve’s decision to leave rates unchanged and the stronger U.S. dollar. Trading in the commodity complex was largely driven by the move in the U.S. dollar. In addition, key Chinese economic data is scheduled to be released on Wednesday, the Caixin Manufacturing Activity reading for September, and that could have gold traders on edge if they are expecting a poor number. Eric Zuccarelli, independent metals trader on the trading floor of the NYMEX, tells TheStreet’s Jill Malandrino, gold could take out the recent lows in the $1,070-$1,080 range, and if it does, it could finally test the $1,000 level. Copper has been volatile as well in recent weeks as a result of weak demand in China, but Zuccarelli reminds investors that stimulus programs that were implemented earlier in the year are now starting to take effect, especially the Chinese power grids.
More from Video
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Breaking down an approach to the long side of this biotech stock.