Another wild day, as the stock market stumbles after a weak Treasury auction (link), then rights itself and powers into a strong close.
When the Fed announced its $300 billion buy back of Treasuries, I expressed skepticism and said to see what the market verdict would be. A good bit of that day's gains in T-bonds has been given back, stocks have continued higher, gold has mostly held its gains. As always, I find it useful to listen to what the market is saying.
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