10:10 am PST. PAAS could drop all the way down to $13 by the time gold and silver are done correcting. Likewise, I think TLT is going to go to sub $116 on this current move after the Fed rate hike announcement. Just because everyone knows that the rate hike is going to happen does not mean that the market is done pricing it in yet. That is what I thought the last time the Fed raised rates last December- that the rate hike was already priced in –  but it was not the case. Gold and treasuries both rallied into the Fed, and then sold off dramatically after the announcement despite the fact that I thought everyone knew the rate hike was coming. I expect probably a similar reaction this time. The market will probably go into a sideways holding pattern until next Wednesday, with gold and treasuries bouncing into the Fed. If I see that happening, I am going to watch out below.

10:05 am PST. Silver backtested the trendline from below and sold off with TLT and gold. The first level of support for SLV short-term is 16.61 where I am looking for another short-term bounce.

8:36 am PST. I think we could be either in a minor degree wave (iv) in XLF, which would only be about a week-long corrective a-b-c-d-e triangle, or a larger wave degree (iv) which would take one-to-two months. I think what happens next week with the Fed is going to jolt the market, but leading up to that event, the pattern will probably give us a lot of clues. Unless XLF drops below 24, I think we could be in a minor degree wave (iv). Typically corrective wave iv’s are choppy making you think that it is definitely going in one direction all the way, only to turn around and go the other way, while eating up time.

8:31 am PST. It seems traders are selling almost everything today except nat gas. UNG looks like it could be a compelling buy if it closes above $7.00 with a bullish pattern.

5:04 am PST. TLT is up this morning at 119.62 as I wrote last Friday could happen today. It still could rally as high as 119.75, but I think the downtrend will resume. Dow futures are down this morning too.

Gold topped to the day on Martin Armstrong’s benchmark date of February 27, 2017. Amazing. I think next to his discovery of the pi cycles, his realization of the gold and silver cycles are one of the most important trading discoveries of our time. Thank you Marty for your immeasurable contributions to this field of capital investment. You are a genius, a generous man, and we all love you!

1:05 pm PST. TLT and the gold stocks had a nice oversold bounce into the close. I think TLT could bounce as high as 119.75 or 120 on Monday before resuming the downtrend. Happy weekend!

7:22 am PST. GDX could see a bounce soon.

6:37 am PST. Financials look bullish again. Expecting new highs.

5:19 am PST. gold futures are down slightly even as the dollar sells off some.