Stocks Rally On Fed Rate Hike; Gold Miners Poised For Year End Rally
A sea of green across U.S. equity markets today:
S&P 500 Heat Map
Perhaps most interesting was that gold miners (GDX) rallied nearly 4% as gold added $17/ounce:
GDX has spent the 2nd half of 2015 repeatedly testing support in the $13-$14 area. Given that the ‘bad news’ it out (the Fed raised rates) one has to wonder if the goldies are set up perfectly for a year end relief rally that could last well into the new year.
Seasonality is also quite favorable for gold through mid-January: