Stocks and Precious Metals Charts - The Wages of Sin

 

"Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole.  If price discovery is compromised by manipulation, then we will all be gradually impoverished and the economy will be imbalanced and unstable."

London Banker, Lies, Damn Lies, and Libor, 10 July 2012

"What is most offensive is not their lying — one can always forgive lying — lying can be a delightful thing, for it leads to truth.  What is offensive is that they lie, and they worship their own lying."

Fyodor Dostoevsky, Crime and Punishment, 1866

"They often come across as arrogant, shameless braggarts — self-assured, opinionated, domineering, and cocky.  They love to have power and control over others, and seem unable to believe that other people have valid opinions different from theirs.  What makes psychopaths different from all others is the remarkable ease with which they lie, the pervasiveness of their deception, and the callousness with which they carry it out.  The majority of people and workplaces are easy prey, because we still want to believe that people are inherently good. We don't really want to believe that such people exist. Wherever you find money, prestige and power you will find them. We are far more likely to lose our life savings to an oily-tongued swindler than our lives to a steely-eyed killer."

Robert D. Hare, Without Conscience, November 1993

"Evil when we are in its power is not felt as evil, but as a necessity, or even a duty."

Simone Weil, La pesanteur et la grâce, 1947

"Crafty and penetrating as he is, yet his thousand eyes and his many instruments avail him nothing against the majestic serene silence, the holy imperturbable calm which reigns through the providences of God.  He makes a guess here, or does a bold act there, but all in the dark.  If even devils, sagacious as they are, spirits by nature and experienced in evil, cannot detect His hand while He works, how can we hope to see it except by that way which the devils cannot take, by loving faith."

John Henry Newman, Christ Manifested in Remembrance, 7 May 1837

"When Judas, his betrayer, saw that Jesus had been condemned to death, he was seized with regret, and returned the thirty pieces of silver to the ruling priests and the elders, saying, ‘I have sinned. I have betrayed innocent blood.’  But they said, ‘What is that to us? That’s your responsibility.’  So he threw the money into the temple, and went and hanged himself."

Matthew 27:3-5

"We have been silent witnesses of evil deeds: we have been drenched by many storms; we have learnt the arts of equivocation and pretence; experience has made us suspicious of others and kept us from being truthful and open; intolerable conflicts have worn us down and even made us cynical.  Are we still of any use?  What we shall need is not geniuses, or cynics, or misanthropes, or clever tacticians, but plain, honest, straightforward men."

Dietrich Bonhoeffer, After Ten Years, New Year's Day 1943


The stock futures had a serious plunge down to their lows at about 3:50 PM today, but then recovered to come back to their gradual lift off the lows.  After the bell the futures fell back down again sharply. 

Certainly interesting and worth noting.

Silver was just hammered today, ahead of the option expiration for the silver May contract option expiration on the Comex on the 27th.  I posted this chart regularly for the last few days.

 VIX did its usual bipolar boogie woogie.

The Dollar has been chopping sideways in a trading range for quite some time.  

As you may recall I have highlighted the antiquated composition of the DXY index many, many times in the past going back to my old site in 2003.   It is heavily weighted to the world after the Bretton Woods agreement, with the appropriate alterations for the introduction of the euro.  

Although there are better, more up to date trade weighted indices, this is the one that Wall Street trades.

We are heading into what may turn out to be a significant weekend.   Israel wants to resume their military operations against Iran/Lebanon quite badly.   

Trump sees himself falling into a snare that is likely to cost his party quite a bit, given the lack of any benefit to the US for this.

Let's see what the competing forces of evil and lesser evil come up with for us.  For now righteousness is a shining light in the dark, guiding the faithful, but not yet come into its ascendancy in the world.

Have a pleasant evening. 

Stocks and Precious Metals Charts - Waiting for the Hand of God

 

"Imaginary evil is romantic and varied; real evil is gloomy, monotonous, barren, boring.  Imaginary good is boring; real good is always new, marvelous, intoxicating. Evil when we are in its power is not felt as evil, but as a necessity, or even a duty.  Humanism was not wrong in thinking that truth, beauty, liberty, and equality are of infinite value, but was wrong in thinking that we can get them for ourselves, without grace.

The beautiful is the experiential proof that the incarnation is possible.  We must have faith that the universe is beautiful, and that it has a fullness of beauty in relation to each of the thinking beings that actually exist and of all those that are possible.  It is this very agreement of an infinity of perfect beauties that gives a transcendent character to the beauty of the world.

He is really present in this universal beauty.  The love of this beauty proceeds from God dwelling in our souls and goes out to God present in the universe.  The beauty of this world is Christ's tender smile coming to us through the material."

Simone Weil, Attente de Dieu, 1950

“They're talking about things of which they don't have the slightest understanding.  It's only because of their stupidity that they're able to be so sure of themselves.”

Franz Kafka, The Trial,  1915

“It is a serious thing to live in a society of possible gods and goddesses, to remember that the dullest most uninteresting person you can talk to may one day be a creature which, if you saw it now, you would be strongly tempted to worship, or else a horror and a corruption such as you now meet, if at all, only in a nightmare."

C.S. Lewis, The Weight of Glory, 1941

"Whenever I groan within myself and think how hard it is to keep writing about love in these times of tension and strife which may at any moment become for us all a time of terror, I think to myself, 'What else is the world interested in?'   What else do we all want, each one of us, except to love and be loved, in our families, in our work, in all our relationships. 

God is Love.  Love casts out fear.  Even the most ardent revolutionist, seeking to change the world, to overturn the tables of the money changers, is trying to make a world where it is easier for people to love, to stand in that relationship with each other of love.  We want with all our hearts to love, to be loved."

Dorothy Day, On Pilgrimage, The Catholic Worker, April 1948

"Myth wants power; revelation reveals the true power of God in the most extreme powerlessness.  Myth wants knowledge; the Word of God asks for constant faith and, only within that faith, a growing, reverent understanding. 

The revelation of God’s Word is gentle patience amidst the intractable tensions of life.  Error never shows itself in its naked reality.  It dresses elegantly, so that the unwary may be led to believe that it is more truthful than truth itself.”

Iraneus of Lyons, Adversus Haereses, 180 AD

"A church that doesn't provoke any crisis, a gospel that doesn't unsettle, a word of God that doesn't get under anyone's skin, a word of God that doesn't touch the real sin of the society in which it is being proclaimed — what gospel is that?  Very nice, pious considerations that don't bother anyone, that's the way many would like preaching to be.  Those preachers who avoid every thorny matter so as not to be harassed, so as not to have conflicts and difficulties, do not light up the world that they live in.”

Oscar Romero, Radio Sermon, 1 July 1979

Stocks rallied today on Trump's unilateral extension of the ceasefire with Iran until Sunday evening.

Coincidentally enough this is in time for a third carrier group to join the two already in place.

And so it was the usual post-Trump announcement, preceded by large bets hitting the oil futures markets I might add.

Gold and silver were pushed lower, and the Dollar rallied.

Stocks, at risk levels of historic imbalance, rallied to new highs.

This is confirmation for the waning of wretchedness, with their failing bodies and minds — faithless to the last.

I think we all know what is what.  We may be tempted to distract and even blind ourselves, but there is it.

Remember who you are, and what it will mean to remain standing until the end.

This is what is important, what this drama is all about. 

And not the raging of those dwindling into dust, with the fury of the fallen. 

Have a pleasant evening.

Stocks and Precious Metals Charts - An Endless Series of Disillusionments

 

"The infant’s tongue sticks to the roof
      of its mouth with thirst;
the children cry for bread,
      but no one will feed them."

Lamentations 4:4

"Those among the rich who are not, in the rigorous sense, damned, can understand poverty, because they are poor themselves, after a fashion; but they cannot understand destitution.  They will be moved, to the sound of beautiful music, at Jesus’s sufferings, but His Cross, the reality of His Cross, will horrify them.  They want it all out of gold, bathed in light, costly and of little weight; pleasant to see, hanging from a woman’s beautiful throat."

Léon Bloy, Le Sang du Pauvre, 1909

“Addiction might be the best word to explain the lostness that so deeply permeates society.  Our addiction make us cling to what the world proclaims as the keys to self-fulfillment: accumulation of wealth and power; attainment of status and admiration; lavish consumption of food and drink, and sexual gratification without distinguishing between lust and love.  

These addictions create expectations that cannot but fail to satisfy our deepest needs. As long as we live within the world's delusions, our addictions condemn us to futile quests leaving us to face an endless series of disillusionments while our sense of self remains unfulfilled.”

Henri J.M. Nouwen, The Return of the Prodigal Son, 1991

"And in the worst cases, they become self-righteous, being proud in their gifts and their election as they think it in their own minds.  They may even harbor private hatreds, sins against the Spirit, judging others and seeing admonitions to take up the cross of His obedience with love as intended for all those others, but not for themselves.  They are imbued with the leaven of the Pharisees, which is hypocrisy and spiritual pride.  And it is the road to a dwindling of the spiritual life, and a gradual erosion of faith as a vital element of our every action.

Jesse, Obedience Without Love - The Leaven of the Pharisees, 5 April 2017

"You believe in the one God, and that is good.  But even the demons believe this, and tremble."

James 2:18-19

Stocks were on a bit of a roller coaster today, closing fairly hard towards the lows, until a last minute statement from Trump about extending the ceasefire tomorrow lifted them a bit into the close.  

I have never seen a sitting US President grifting the very heart of our own economic system this hard through the use of exaggerations, schemes, and outright lies.

This is a sign of our times: an endless series of disillusionments.

Gold and silver were hammered lower by selling programs.  The financial system is extracting its pound of flesh for going along with this official dishonesty of the political.  The corruption in our system is profound.

They famously have no morals.   They would be as gods, but make themselves into beasts.

"To the politician and administrator laissez-faire was simply a principle of the insurance of law and order, with the minimum cost and effort.  Let the market be given charge of the poor, and things will look after themselves. Hobbes had argued the need for a despot because men were like beasts; Townsend insisted that they were actually beasts and that, precisely for that reason, only a minimum of government was required."   Karl Polanyi, The Great Transformation, 1944

The IDF is recreating Gaza in southern Lebanon.  They are dropping all pretenses. 

VIX lifted a little.  As did the Dollar.

Let's see if anything happens tomorrow before the ceasefire expires late in the day.

When I am reminded that God is just, I tremble for His mercy. 

Have a pleasant evening. 

Stocks and Precious Metals Charts - Ardent Self-Deception

 

"All political thinking for years past has been vitiated in the same way. People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome."

George Orwell, London Letter, Partisan Review, Winter 1945

“In keeping silent about evil, in burying it so deep within us that no sign of it appears on the surface, we are implanting it, and it will rise up a thousand fold in the future. When we neither punish nor reproach evildoers, we are not simply protecting their trivial old age, we are thereby ripping the foundations of justice from beneath new generations.”

Aleksandr Solzhenitsyn, The Gulag Archipelago, 1973

“You cannot play with the animal in you without becoming wholly animal, play with falsehood without forfeiting your right to truth, play with cruelty without losing your sensitivity of mind. He who wants to keep his garden tidy does not reserve a plot for weeds. Your cravings as a human animal do not become a prayer just because it is God whom you ask to attend to them. God does not die on the day when we cease to believe in a personal deity. But we die on the day when our lives cease to be illumined by the steady radiance, renewed daily, of a wonder the source of which is beyond all reason."

Dag Hammarskjöld, Markings, 1963

"Anyone can be misled by a clever person, and no one likes to readily admit that they have been had.  It is a sign of character and maturity to realize this, and admit your were deceived, and to demand change and reform. But some cannot, even when the facts of the deception are revealed.  The more incorrect that the truth shows them to be, the louder and more strident they become in shouting down and denying reality: cognitive dissonance.

The more extremely held the views, left or right, the more ardent the self-deception and surrender of individual identity.  Because at the extremes, it is no longer about justice, but about the objectification and irrelevance of the individual, the elevation of ideology over truth, and the dehumanisation and demonisation of 'the other.'"

Jesse, The Economics of Demagogues, 18 June 2012

"Institutions become political weapons, wielded forcefully by those who control them against those who do not.  This is how elected autocrats subvert democracy—packing and 'weaponizing' the courts and other neutral agencies, buying off the media and the private sector (or bullying them into silence), and rewriting the rules of politics to tilt the playing field against opponents.  The tragic paradox of the electoral route to authoritarianism is that democracy’s assassins use the very institutions of democracy—gradually, subtly, and even legally—to kill it.”

Daniel Ziblatt, How Democracies Die, 2018

Stock futures opened in the red last night, but miraculously as usual they took back a good chunk of those losses to finish closer to the bubble top of Friday close.

VIX rose.  I'm surprised that it noticed that we are tottering towards another phase of destructive war.

The Dollar slipped a bit.

Gold and silver were under pressure, and ended with losses, but off the opening lows.

NY-London is selling paper, and Asia is buying metal at higher prices.   Same old, same old.

The 'cease-fire' with Iran will formally expire on Wednesday evening Washington DC time.

This is the dominant factor in the markets at this time.

Let's see what happens.

Have a pleasant evening.