At 8:30 this morning we had weaker than expected retail sales. Around 10:00 the market started to have a significant bid to it and pushed higher. Currently the DOW is up over 200 points. I have been saying since January that I did not believe the Federal Reserve would raise interest rates in 2015. The Federal Reserve is currently meeting and will be releasing their minutes Thursday. The weak retail sales are another reason for the Federal Reserve to not raise interest rates in addition to the IMF (International Monetary Fund) asking them not to raise interest rates. The Federal Reserve knows that if they do raise interest rates there will be significant volatility in the market. I stated I was 75%-80% sure that the lows are in for the year at 15379. I was hoping for one more pullback to 15500-15800 and we got down to 15979. Gold and oil are doing nothing. I have been looking for oil to pull back into the 39-43 range where I would be looking to buy oil and oil stocks. Oil got down to the mid 43 range yesterday. Gold is in a range of 1100-1110, I don’t see anything going on with gold. I have sell signals on the weekly and daily charts for gold.
Weak Retail Sales Prompt Equity Rally
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