PPI Yawner and Interest Mix — Nick Santiago 12-13-23 #551

Daily Market Wisdom with Nick Santiago

1.It's a big day for markets. First, we had the PPI report today. The Producer Price Index was unchanged month-over-month. Honestly, I don't care about the number, we only care about the reaction.
2. Later today at 2pm ET the FOMC will announce their interest rate policy decision for the United States. I think there is a good chance this is going to be a non-event since everyone knows the Fed is not going to do anything at this meeting. As always, the verbiage and the press conference could be important, but I'm not expecting much.
3. As you know, Friday is going to be a quadruple witching options expiration. This is the week of institutional game playing. There have been lots of rumors, news and ridiculous upgrades/downgrades already this week.
4. Gold is flat today, but it could move after the Fed today so be on your toes. Gold has been trending down and there is some daily chart support around the $1935 area.
5. Silver is also retreating this week. There are two support levels in play. First, it is $22.50 and $21.83.
6. BTC futures are slightly higher today. I think we going to see BTC futures tread here until the announcement of the spot bitcoin ETF's.
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