"'What dost thou see, lone watcher on the tower
Is the day breaking? comes the wish'd-for hour?
Tell us the signs, and stretch abroad thy hand
If the bright morning dawns upon the land.'
'The stars are clear above me, scarcely one
Has dimm'd its rays in reverence to the sun;
But yet I see, on the horizon's verge,
Some fair, faint streaks, as if the light would surge.'"
Charles Mackay, The Watcher On The Tower
“Whatever has been hidden will be revealed, and what is concealed will be uncovered and brought to light."
Luke 8:17
"I think caution in US equities is advisable, and it may be time to take some profits off the table, especially if we get the kind of initial drop and breakdown with a failure to recover that I had been discussing with examples from history yesterday. I'll let you know if I see a major tsunami warning, but even now caution is advisable."
Jesse, Wednesday 20 June 2018
It was a risk off day in the US markets, which were roiled by new prohibitions against Chinese investment in key technologies companies in the US. The concern here is the propensity for China to 'borrow' US intellectual property. And a valid concern it is.
Stocks dropped down to key support, and then bounced back weakly in the last half hour. These support levels reached today need to hold especially on a retest after a modest rally. If not, then we have some support at markedly lower levels.
The markets are favored in the sense that a market break or crash in June is not likely.
Gold and silver participated in no flight to safety. And tomorrow is an option expiration for the precious metals on the Comex. What a surprise.
Gold inventories showed a slight decline.
Need little want less and love more. For those who abide in love abide in God, and God in them.
Have a pleasant evening.
