Major averages sold off yesterday after U.S. President Barack Obama stated that special forces would be sent to Iraq to help fend off a sectarian civil war, but buyers stepped in to push the major averages back to near breakeven which speaks to the resilience of the current uptrend.
Precious metals had mini gaps higher with both the SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) clearing their respective 200dmas. Fundamentally, precious metals should move higher in time given the backdrop of quantitative easing. That said, both gold and silver are still in basing patterns so could back and fill for a while before completing their bases.
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