SP 500 and NDX Futures Daily Charts - Hair of the Dog

Stocks were bubbling up to the bar led by big cap tech and financials.

This looked like a 'technical trade', ie a lower volume short squeeze driven by algos.

Oh yes, this will almost certainly end well.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Option Expiry on the Comex - History Lesson

"The problem of the last three decades is not the 'vicissitudes of the marketplace,' but rather deliberate actions by the government to redistribute income from the rest of us to the one percent. This pattern of government action shows up in all areas of government policy."

Dean Baker

"Most of them became wealthy by being well connected and crooked.  And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me."

Charles Ferguson, Predator Nation

"If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."

Simon Johnson, The Quiet Coup

I think it is telling, if not a bit amusing, that the two presumptive presidential candidates are not only disfavored but actually despised by a greater percentage of the people than ever before.

Well, it tracks with the arrogant propensity to continually misprice the risks, thinking that we can be as gods, and the market is our instrument of service.

Besides 'it is different this time' the most damaging assumption about what comes next is 'well, it has not happened yet.'

The madness of greed and hubris that drives all this will serve none but itself.

Let's see if gold will provide us with any meaningful movement on the chart formations.

Silver needs to hold 16.

Have a pleasant evening.

History Lesson

Tsar Nicholas II:  I know what will make them happy. They're children, and they need a Tsar. They need tradition. Not this! They're the victims of agitators. A Duma would make them bewildered and discontented. And don't tell me about London and Berlin. God save us from the mess they're in!

Count Witte:  I see. So they talk, pray, march, plead, petition and what do they get? Cossacks, prison, flogging, police, spies, and now, after today, they will be shot. Is this God's will? Are these His methods? Make war on your own people? How long do you think they're going to stand there and let you shoot them? YOU ask ME who's responsible? YOU ask?

SP 500 and NDX Futures Daily Charts - Sell in May and Go Away

If you have some gains in stocks, in general, you may wish to start thinking about taking the money and sitting the next round out.

But let's see if the market confirms this with the next move up or down.

Have a pleasant evening.

Exsultate Jubilate - Emma Kirkby

"The friendly day shines forth,
both clouds and storms have fled now;
for the righteous there has arisen an unexpected calm.
Dark night had reigned everywhere;
Now, arise, happy at last, you who had feared before,
and be joyful for this fortunate break of day."

W. Mozart, Exsultate Jubilate

Exsultate, jubilate,
o vos animae beatae,
dulcia cantica canendo,
cantui vestro respondendo,
psallant aethera cum me.

Rejoice, resound with joy,
o you blessed souls,
singing sweet songs,
In response to your singing
let the heavens sing forth with me.

Recitative
Fulget amica dies,
jam fugere et nubila et procellae;
exorta est justis,
inexspectata quies.
Undique obscura regnabat nox, surgite tandem laeti,
qui timuistis adhuc,
et jucundi aurorae fortunatae frondes dextera plena et lilia date.

The friendly day shines forth,
both clouds and storms have fled now;
for the righteous there has arisen an unexpected calm.
Dark night had reigned everywhere;
Now, arise, happy at last, you who had feared before,
and be joyful for this fortunate break of day.
give garlands and lilies with a full right hand.

Tu virginum corona,
tu nobis pacem dona,
tu consolare affectus,
unde suspirat cor.

You, o crown of virgins,
grant us peace,
Console our feelings,
from which our hearts sigh.

Alleluja, alleluja!

No Updates Tonight

Making preparations.

See you next week.

Have a pleasant weekend.

Gold vs Annual World GDP

This chart is from Nick Laird at goldchartsrus.com.