S&P In Gold Down After FOMC Announcement, As More Capital Rushes To Precious Metals Than To Stocks (Update: New Regime)
Sorry, Ben, can't feed Wall Street cake and then dilute it too. Gold's dramatic surge to fresh all time highs, more than makes up for the spike in the S&P. As a result, intraday, the S&P500 expressed in the only real currency left (one can hear the giant sucking sound as people leave fiat in droves) is down. In other words, on a relative basis there was more capital going into precious metals, and more specifically, away from linen and other infinitely dilutable paper, than going into stocks.
Update: welcome to the new regime where every Fed intervention or expectation will now mean more push to gold than stocks.