With Yellen about to be submitted for Fed Chief, wouldn't the macro belief be that she will continue Bernie's policies in QE, ergo (therefore), this would support commodity prices and stock prices sending them screaming higher.
I imagine the reason the administration waited until now to release this information v earlier, is they speculated this same thing. They probably sketched out a scenario that the debt ceiling default would get close to happening, the stocks would be tanking, and so if they used their Yellen card it would give the stock market a brief reprieve. It hasn't
This is why I rely on the charts, they don't lie. THey help you define and manage your win loss scenarios.
I agree Chemaes44, that the administration had timing in mind for the release. Everything this administration does has a political motive. I was expecting a PM move higher, but last night when futures did not react much if at all on the announcement, I was wondering what other shoe was about to drop. I also thought the market would be up as she will likely print even more than Bernanke meaning more money chasing stocks. Like you say, need to look at the longer term.
No no no no
First, I am not making disparaging remarks about your TA. That is fine and has it's place.
However, stick to your TA because your read of fundamental analysis is flat out WRONG.
The day Summers withdrew was the day Yellin was viewed as the next Fed chair and Gold did react big time.
So it's wise for you to ignore mico fundamentals. You cannot understand them, just as many of us cannot "trust" technical analysis (speaking broadly).
Gold's recent weakness has NOTHING to do with Yellin.