Today is Fed day! I'd like to focus on WTI crude oil prices, and then get to stocks and bonds. I believe that the fundamentals may start to be favoring oil bulls. Oil has broken through its 200-day moving average yesterday, tested it today, and bounced higher. I believe $51.50 and then $53 will be hit over the next couple of months, if not sooner. I think this is a trade that could happen quickly.
I also believe the bonds and gold will trend lower from here. I don't think gold is attractive at all. I believe, even with a hawkish Fed today, the stock market is very strong (may pull back today), but overall in a rising rate environment, I think gold will get back below $1,200. I would not be surprised to see bonds get inversely correlated with oil and I could see the U.S. 30yr bonds breaking the prior recent low of 145 this year. See attached oil chart with comments.