Tues July 31

GOLD and SILVER commencing downleg.

‘Eighty-eight percent of 58 economists surveyed said the Federal Open Market Committee will refrain from resuming purchases at a two-day meeting beginning today. Forty-eight percent say the FOMC will announce the buying at its Sept. 12-13 meeting, according to the July 25-27 poll.’

SPX still overbought from last week and pullback expected this week unless QE3/ECB news suddenly causes short cover spike.

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