06 October 2022

Stocks and Precious Metals Charts - Beware of Bears - Non-Farm Payrolls Tomorrow


"Beneath some burning, unknown gaze
I feel my very wings unpinned,
And give my name to the abyss
Which waits to claim me as its own.”

Charles Baudelaire, Lament of Icarus

"When humanity, subjugated by the terror of crime, has been driven mad by fear and horror, and when chaos has become the supreme law, then the time for the empire of lawlessness will have come."

Friedrich Rudolf Klein-Rogge, Das Testament des Dr. Mabuse

"And you could say in some respects this 'shadow behind the power' that makes money off war, period, no matter who's the belligerent, makes money off that volatility now, especially with computers that are able to assist them in doing so, like currency manipulation, for example, or just general speculation.  And they don't care about what they're doing to the real economy, because they're raking in the dough."

Lawrence Wilkerson, former chief of staff to Colin Powell

“How you are fallen from heaven, Lucifer, son of the morning.   How you have been cut down to the ground, You who laid low the nations.  For you said in your heart: ‘I will ascend into heaven, I will exalt my throne above the stars of God. I will sit on the mount of the most holy on the farthest sides of the north.  I will ascend above the heights of the clouds. I will be as God.’

Isaiah 14:12-14

Stocks were lower today on a repricing of risk (again).

The Dollar was sharply higher, along with the VIX, in a risk off move.

Gold and silver were lower, moving inversely with the dollar.

Tomorrow is the Non-Farm Payrolls report, which may move markets.

I am not so sure where the market is going.

Theories abound, including the Fed pivot and the suppport for markets in anticipation of the mid-term elections.

However, we are clearly in a bear market. 

And we will remain in one until we start to see higher lows and higher highs.

So until then, beware of bears.

Have a pleasant evening.