Morning Thoughts

GDP Shows Surprise Drop for U.S. in Fourth Quarter

Well, when I woke this morning I figured that I would do a post on where the markets were before the fed meeting this afternoon. Wow, did you know the markets are always full of surprises, that is what makes trading so challenging. I pointed out how lousy the consumer confidence number was yesterday and now we get a NEGATIVE GDP number.

I have to quote my friend Rick Santelli on CNBC "no matter how you slice it" the number flat out stinks and should open some eyes! 

For the past 2 years we have been led to believe that the economy is on its way to recovery.The INVISIBLE HAND as I call it, has the US Stock Market  marching higher and the price of GOLD & SILVER suppressed to create the illusion that all is well. Gold should be well above $2000 by now and Silver above $50.

Gold is currently @ 1675

Silver                  @ 3178

Oil                       @ 9780

S&P 500 still perched above 1500, March futures @ 1502

I'll be back this evening. I am still short the Dow from 2 days ago and I believe it will feel very gratifying in the coming weeks ahead. For those interested in Gold & Silver-the #;s to watch for the day are 1680 and 3225.A close above those 2 levels today and then we got something cooking. The key is getting 2 daily closes above those numbers.

Enjoy the day!

Martin