Yesterdayâ€™s rally was mostly a short covering rally. The market liked that Yellen explicitly stated that she plans to continue Bernankeâ€™s policies. A bigger positive was anticipation that Republicans in the House would defy the right-wing and vote for a clean debt ceiling raise. The expectation came through later in the day.
Now that most of the immediate short covering is behind us, how the market performs will be a good tell.
Resistant and trade levels for Gold and Oil for premium subcribers.
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