"We've got some difficult days ahead. But it really doesn't matter with me now, because I've been to the mountaintop. And I don't mind. Like anybody, I would like to live a long life — longevity has its place.
But I'm not concerned about that now. I just want to do God's will. And He's allowed me to go up to the mountain. And I've looked over, and I've seen the Promised Land. I may not get there with you. But I want you to know tonight, that we, as a people, will get to the promised land.
So I'm happy, tonight. I'm not worried about anything, I'm not fearing any man. Mine eyes have seen the glory of the coming of the Lord."
Martin Luther King, Last speech before he was assassinated, 3 April 1968
"And I know from a good friend who was there when it happened, that at a small dinner with progressive supporters – after these progressive supporters were banging on Obama before the election, 'Why don’t you do the things we thought you stood for?' Obama turned sharply and said, 'Don’t you remember what happened to Martin Luther King Jr.?' That’s a quote, and that’s a very revealing quote."
Ray McGovern, former CIA analyst
The FOMC minutes were fairly benign today, and although not particularly dovish, they had little impact on stocks.
US stock indices were in melt up slowly mode today, but on wispish volume.
A good stiff breeze is going to blow this market over. At least in the short term, and for what will most likely be a decent retracement of this rally off the end of year lows.
But if not, if the wiseguys keep pressing their advantage, then when the trigger event comes we might get a much larger decline, something attention getting like we saw in December, and then some.
Earnings started today with a weak manufacturing showing, but they begin to get more serious with the Banks that report on Friday.
Gold continued inching higher towards resistance, with silver continuing to tag along.
Have a pleasant evening.
