“Perhaps it is a universal truth that the loss of liberty at home is to be charged against provisions against danger, real or pretended, from abroad.”James Madison, letter to Thomas Jefferson, 1798
The big tickle in the Big Apple today is the gathering storm.
No, not the significance of the Greek elections, in which the people who founded democracy have emphatically said 'enough' to an oppressive austerity by the central planners of the EU and the Troika.
The storm they are concerned with is the odd convergence of two storms of nature, that have sent a chill across the northeast, an impressively sudden drop in the barometer, and an approaching mass of low pressure and humidity making its way up from the southwest, scheduled to arrive late this evening.
I hear the NYSE is pledging to remain open tomorrow. Since there is no storm surge to speak of, to short out the financial robots, and not many people are required to take the non-operating subways, trains, and roadways into work, it may very well be 'ok' tomorrow.
Do algos dream of electronic sheep?
The anticipated hit on the metals ahead of the option expiration on the Comex tomorrow came in on schedule, unlike the thousands of flights that are cancelling their inbound arrivals into New York and Boston.
Let's see if the wiseguys can continue to press their will on the global bullion markets. The formations on the charts are not set for a trend change just yet. There may be time to kick the can of rehypothetical reckoning down the road for yet another month.
Have a pleasant evening.
