27 January 2017

Stocks and Precious Metals Charts - Into the Weekend

"Seek the Lord, all you humble of the land,
who have observed his law;
Seek justice, seek humility;
And perhaps you will be sheltered
on the day of the Lord’s justice.

This was the triumphal city, high and mighty,
Saying to herself, ‘I am the one, and none dare stand beside me.’
How desolate now has she become, a place fit only for wild beasts.
Those who pass by her scoff, and shake their heads at her ruin."

Zephaniah 2:3,15

We have to be somewhere soon, so here are the charts at 3:30 PM.

The GDP number came in light for 4Q 2016.

Stocks were chopping with the broader indices showing weakness, and big tech still one of the mainstays.

They are lining up some IPOs on the if/come, so I don't think stocks will dump off these highs just yet. But if something 'happens,' then all bets are off.

The metals are holding their own, but need to move up and above this overhead resistance which is proving to be about as stubborn as expected.

Have a pleasant weekend.