30 November 2016

Charts at the Market Close on 'Hump Day' - Don't Worry Baby

"Sanders laid out the dilemma facing the Democratic Party. The Democrats must find their way back to a connection with ordinary people, and this will require a complete change in the way they do business. He's convinced that the huge expenditure of time and mental effort the Democrats put in to raise more than $1 billion for the Clinton campaign in the past year ended up having enormous invisible costs...

'I've seen it for years. I've seen a media, which has basically ignored the declining middle class, that doesn't talk about poverty at all, and has no sense of what is going on in the minds of millions of ordinary Americans. They live in a bubble, talk about their world, worry about who's going to be running 18 years from now for office. Meanwhile, people can't feed their kids. That's something I knew.

Talking about those issues, seeing that they resonated, that did not surprise me. How quickly they resonated did surprise me. How weak the Democratic establishment was, and how removed they were from the needs of ordinary people, that also surprised me.'"

Matt Taibbi, Bernie Sanders On Where We Go From Here

"There are two kinds of truth: the truth that lights the way and the truth that warms the heart. The first of these is science, and the second is art. Neither is independent of the other or more important than the other. Without art science would be as useless as a pair of high forceps in the hands of a plumber. Without science art would become a crude mess of folklore and emotional quackery. The truth of art keeps science from becoming inhuman, and the truth of science keeps art from becoming ridiculous."

Raymond Chandler

The economic news came in 'better than expected' this morning with Chicago PMI and the ADP Employment change beating estimates in particular.

The Dollar was stronger, and thereby we had some down moves in the precious metals priced in dollars.  This does not always happen, but depends upon the reason for which the dollar is stronger.

The warehouses were boring as usual.  I posted the first December delivery report last night which shows that we will likely see a 'livelier' month than we have had in November.

Non-Farm Payrolls looms on Friday, but do not forget about the Italian referendum on the weekend.

Trump is filling out his initial cabinet appointments.   It so far looks like he is not draining the swamp, but rather changing out one set of alligators for another.

And then there is the upcoming FOMC meeting in which one might be stunned if the Fed does nothing again.  Not necessarily anything useful or significant, but they will likely do something.

Have a pleasant evening.