Teach me, my God and King,
In all things Thee to see,
And what I do in anything
To do it as for Thee...
A servant with this clause
Makes drudgery divine:
Who sweeps a room as for Thy laws,
Makes that and the action fine.
This is the famous stone
That turneth all to gold;
For that which God doth touch and own
Cannot for less be told.
George Herbert, The Elixir
Stocks rallied early on fabulously on hopes that the China-US Trade discussions were going well. And then all that optimism collapsed under its own weight, and sent stocks to the lows of the day.
But by the close most everything was back again to nearly unchanged.
There will be a Comex precious metals option expiration on Thursday, that will likely be more significant for gold.
Perhaps this is why gold took such a gut shot to test the will of the longs this morning.
Earlier today I posted an indicator that suggests that the US may be falling into another economic recession. To see it click here.
It is *possible* that the tax cuts and other stimulus may do something to defer this risk. But given the strong bias in the cuts, and lack of a financial policy change to go with them, there may not be a significant impact on the real weekly income at the median level.
The money seems to continue to be directed to the top. And their spending does not provide sufficient stimulus to aggregate demand, especially when it is directed at more stock buybacks and increased predatory monopolies.
Have a pleasant evening.
