By Richard Russell
The Fed is waiting for good news so it can raise rates. But the news, according to economist John Williams, who gives us the honest truth, is that the US never got out of the Great Recession, and is now sinking into it again. During the first quarter, GDP was down 0.7%.
But the market evidently prefers the good news and the propaganda. As I write, an hour before the close, Industrials are up 80, Transports are up 89, and Utilities are up 4. The Nasdaq is up 26, holding above its critical 5000 level.
Meanwhile gold is down 1.4 to 1188.6, and silver is down 0.04 to 16.66. Silver is outpacing gold on both the upside and the downside. In general, the stock market continues to fluctuate in its tight trading range while investors continue to wonder about the true direction of the economy.
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