In Today's Update:
1) Federal Reserve Chairman Jerome Powell caves under pressure from Trump's Tweet storm and the U.S. Equity markets post their biggest rally in 8 months. The Dow Jones Industrial Average gained 617.70 or 2.50%, the S&P 500 added 61.61 or 2.30% while the Nasdaq 100 closed higher by 208.89 or 2.95% and the Russell 2000 finished higher by 37.53 or 2.51%.
2) Crude Oil futures posted another loss and a new 52-week low on rising U.S. Crude stockpiles while Gold futures rally to gain $7.20 or 0.59% on weakness in the U.S. dollar. The Bond market closed lower but the yield on the 10-year treasury note remained at 3.06%.
3) Does today's trading action confirm a bottom and is this the start of a Santa Claus rally? The market technicals are not confirming a bottom just yet and there is one more major hurdle to overcome, it's called the G20 Summit.