Today, Trump named a new Fed chair. Wallstreet tends to hate uncertainty so people were hedging their positions with hard assets, precious metals, while the decision on Fed chair was still being made.
Now that it is here, we see a historic single day drop in hard assets. Could this be the markets shifting away from metals to be put back into equities now that a new chair has been named?
I think Wallstreet is bullish on Warsh and still bullish on tech despite some uncertainties (now one less).