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Market Lab Report - Premarket Pulse 7/28/16

Major averages finished mixed yesterday on higher volume. The NASDAQ Composite outperformed its NYSE-based brethren thanks to a big-volume gap-up in Apple (AAPL) following earnings, posting a higher high on increased volume. Meanwhile, the S&P 500 remains in a tight two-week range.

The Federal Reserve kept interest rates unchanged but suggested a September rate hike is not out of the question given signs the US economy is mildly recovering. Of course, this is most likely more Fed-speak as they must show a hawkish stance on the surface while deep down, they must remain dovish. Any meaningful hike in interest rates would create burdensome interest rate payments on the debt alone. Given market reaction to the Fed's decision, markets seem to already know this.

Both silver and gold ETFs, the iShares Silver Trust (SLV) and the SPDR Gold Shares (GLD) had pocket pivots after constructive pullbacks. Silver and gold have both been on uptrends all year after a multi-year downtrend that began after both peaked in mid-2011. The fundamental backdrop suggests central banks will have to continue to print money via quantitative easing, thus the unsettling loss of confidence will continue to grow. Both factors are contributing to the rise in both precious metals.

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