16 October 2018

Stocks and Precious Metals Charts - Rattling Nonsense - Stock Market Option Expiration on Friday

"To a fool, wisdom will sound foolish."

Euripedes, Bacchae

"If I speak in the tongues of men or of angels, but do not have love, I am only a resounding gong or a clanging cymbal.   If I have the gift of prophecy and can fathom all mysteries and all knowledge, and if I have a faith that can move mountains, but do not have love, I am nothing."

1 Corinthians 13:1-3

Fears of yesterday were cast aside as the hot money came back into the markets, and the shorts who overstayed their position in the recent decline were scrambling to cover.

We have seen a particularly effective wash and rinse in the equity markets this week, ahead of the stock option expiration on this Friday.

Netflix showed better-than-expected results, including the all important subscribers, after the bell.  This lit the afterburners of the big cap tech stocks.  Huzzah!

Safe havens joined prudent words and wisdom in leadership today—  all are generally in disrepute amongst the exceptional ones.
"For fools rush in where angels fear to tread.
Distrustful sense with modest caution speaks;
It still looks home, and short excursions makes;
But rattling nonsense in full volleys breaks;
And never shocked, and never turned aside,
Bursts out, resistless, with a thundering tide."

Alexander Pope, An Essay in Criticism

Have a pleasant evening.