Market Update

FOMC statement remain with a hawkish tone, but we are disappointed that they decline to comment on core inflation and strong growth in Q4.

Just the right tonic for equities, the entire market getting a boost.
As we expected, January was a very strong month for both Europe and the US.

Futures Gold
Buy April Gold on a break of 660.00. Targeting 675.00. Stops below 656.00.
Trading tactics: Keep good discipline, this is break-out strategy. Keep a watchful eye on the US dollar.

Crude Oil Update
Inventories were expected to be inline with expectations, however, distillates showed a draw of 2100K came out at 2648k, i.e. greater than expected.
Crude & Gasoline showed significant builds in inventories.

Equities Update
S&P 500: dovish FOMC pushed the tape higher, with January turning out to be as strong as we expected. Only a break of the 1400 area would damage the technical picture.