Shares in mining and trading company Glencore fell almost 30% and closed at a record low on Monday over concerns it is not doing enough to cut its debt to withstand a prolonged fall in global metals prices.
The most heavily anticipated Federal Reserve meeting in the last seven years turned out to be a non-event. No change. The ticker flashed across the bottom of the screen, The Federal Reserve Board has left interest rates at 0. No change.
Rally from wave (W) low at 2.209 is unfolding in double corrective structure WXY where wave W ended at 2.418, wave X ended at 2.3053, and wave Y of (X) is in progress towards 2.516 – 2.64 area before turning lower at least in 3 waves.
The comments by various Federal Reserve area officials at Jackson Hole Wyoming over the weekend left us more confused than before as both sides of the rate possibilities for September permeated the airwaves.