The dollar is weaker, yields are lower, and gold still declines

- The dollar is now in its second consecutive day of trading to lower values. The same is true for the U.S. 10-year and 30-year Bonds. However, this has not halted the recent and strong price decline seen in gold. The precious yellow metal has now had 9 consecutive days of lower closes. Gold has also traded to a lower high for the last 11 trading days along with nine consecutive trading days of lower lows.

This means that the concern by market participants is not focused on whether or not the Fed will raise rates one more time this year but rather on how long they will remain elevated. Also, the announcement at the September FOMC meeting that the Federal Reserve is now planning to reduce rates next year by a ½% by cutting rates by ¼% twice. This is a large contraction from the June projection which indicated that the Fed was anticipating cutting rates by a full percentage point in 2024.

A prominent Western market technician Tom DeMark has created a unique methodology used in market timing to uncover potential inflection points. According to his website, “Every investor knows that markets rarely move linearly. Each trend contains advances and pullbacks, driven by news, events, fundamentals, technicals, order flow, sentiment and emotion. Market timing seeks to navigate the risks and the opportunities these variables create.

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Stock market today: Asian shares rise, buoyed by Wall Street rally from bonds and oil pricesTOKYO (AP) — Asian shares advanced Thursday after a plunge in oil prices aided a recovery on Wall Street. Benchmarks rose in Tokyo, Sydney and Hong Kong. Trading was closed in Shanghai for a holiday. Market sentiment was helped by a $5 decline in oil prices on Wednesday, although prices recovered slightly in Asian trading. Lower energy costs would relieve inflationary pressures that have led central banks to keep interest rates high. Japan's benchmark Nikkei 225 jumped 1.8% to finish at 31,075.3
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