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Nov 04, 2009 - 2:13 PM EST
Andrew Hart submits:Here we are again with another highly anticipated FOMC announcement due out this afternoon and the market is showing signs of strength.
Generally, you can see pre-fed sector leaders emerge post-fed statements. If this rings true today, Technology will lead us down or Basic Materials will lead us higher (weakest vs. strongest in last 5 days). This time it may be more about Gold than anything else, based on Tuesday's breakout traders are betting on signs of inflation. Will the Fed statement later today support or challenge the new record highs in Gold? On just about any time frame, the SPDR Gold (GLD) is showing a classic technical breakout. At 60-Minute, Daily and Weekly, you can see the classic 'breakout' system (Acceleration Bands) applied to each time frame in the chart below. Later on, you'll see why this move may be better to fade in the short-term, although, the technicals are showing trend strength.
Source: Seeking Alpha (Nov 04, 2009 - 2:13 PM EST)
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