Its the end of April, and the bull run on Wall Street needs a new high to break the head and shoulders broadening top that is forming. They seem to have all they can handle to deliver another up month.
They might manage it into the close, but traders are edgy about going long into the weekend with the Greece situation still unsettled. Its probably once again up to the Banks to take it higher, using the government's money.
Just the other week I cautioned a friend on a chatboard I occasionally frequent to watch out for a divergence between gold and equities, with stocks going down while gold holds its ground or rises higher. This is a possible trend change, with the significance that could be quite dramatic in the coming months. At some point there is likely to be a revulsion against fraud, and the paper that supports it. It is unlikely to happen all at once, but in steps, or stages. There are powerful monied interests behind the status quo.
And so here we are, for now.
"Senators disturb us by reminding us of the possibility of large numbers swarming from China; but the answer to all this is obvious and very simple. If the Chinese come here, they will come for citizenship or merely for labor. If they come for citizenship, then in this desire do they give a pledge of loyalty to our institutions; and where is the peril in such vows? They are peaceful and industrious; how can their citizenship be the occasion of solicitude?"
Senator Charles Sumner, 1870