The Lords of the Markets were determined to see stocks back up today, and the metals pushed much lower.
Alas, they tried their best, but rude reality intervened, with stocks finishing weakly with a heroic effort to take them off the lows, once again in the afternoon, and the metals resisted numerous attempts to fall on the selling of their cousins, the many synthetic derivatives spewed forth from the bowels of the bullion banks.
There was intraday commentary here in which I take you through what the current chart formation, the rounded bottom or cup and handle, and what they may imply. And I hope you appreciate the effort I am making at seriousness, eschewing the many, many bad puns that the term 'rounded bottom' suggests to creative, but all too worldly, mind.
Although I do not address it, silver is following a similar pattern, on a much longer time frame since I track it on a weekly chart. No matter who leads, they will likely go together hand in hand to whatever outcomes the markets may hold in the shorter term.
The US Dollar moved lower again today. The Lady Yellen will be appearing before that raucous and rowdy group of ne'er-do-wells, idlers, and sharpers in the Congress tomorrow. She has all my sympathy, as I would have for all patsies for the more ruthless criminal class.
Let's see what happens.
Have a pleasant evening.
