Chinese Internet Plays – The pullback is an opportunity.
The spot price of gold continues to remain basically flat as gold trades in a tight range this week ahead of today’s conclusion of the Federal Reserve two day meeting.
The spot price of silver remains basically flat this morning as market participants focus on the 10 a.m. EDT Pending Home Sales report to help determine the Federal Reserve’s next move concerning its $85 billion asset buying program.
On Monday we looked at selling the U.S. dollar on several catalyst and this morning the U.S. dollar is dropped sharply especially against the Japanese yen.
The U.S. dollar is beginning the week higher against the Japanese yen but momentum is being throttled back as market participants attempt to asset the U.S. economy health after the huge impact brought onto it from the government shutdown.
Well at the eleventh hour Congress finally cut a deal to raise the debt ceiling and funded the government. Albeit deal only prolongs the issue as the deal only raises the borrowing limit until February 7th and keeps the government funded until January 15.
As the U.S. Congress approaches a deal today markets have been all of the buzz as early as the pre-markets.