- Kerry Lutz’s Financial Survival Network
1. There was lots of economic data out this morning. The big news was the soaring GDP report which posted a Q3 GDP increase by an annualized rate of 33.1%. This number was slightly better than expected. It also shows what can happen if you open up the economy. Today we’re getting a rebound. 3 more trading days till election is over. The weekly initial claims report also was better than expected with 751,000 news. The continuing claims dropped to 7.756 million from a revised count of 8.465 million. So things are slowly improving.
2. Yesterday was a major selloff. The news is blaming a rise in coronavirus cases and European lockdowns for selloff. I personally believe this is really all about the election. Can’t wait for the election
3. Gold and silver also sold off. Gold down slightly. Silver also down slightly. Everything sold off and went into cash. 95% of everything sold off. We’re just going through a normal consolidation after the parabolic rise. Even if we get to $1850, long term trend is still moving higher. Even down to $1700, it would be a monster setup.