The Closing Look

Stocks fell on Tuesday after a few Fed heads suggested the Fed should raise rates as soon as November. This sent the US dollar higher and gold and other interest rate sensitive areas of the market lower on the news. Utilities, REITs, and a handful of other interest-rate sensitive areas of the market fell hard as fear spread regarding an imminent Fed rate hike. Then the selling spread after the European Central Bank, hinted it may taper (reduce) QE (print less money) before their deadline.

Gary’s Thoughts: Gold/silver break even more to the downside along with other commodities, real estate, utilities and a few others. Many areas of market now in bearish phases of unknown price and time. Watching support levels for major indices. Will need to hold.