02 February 2023

Stocks and Precious Metals Charts - And the Beat Goes On - 'Technical Trades'


"When you view the world from the satisfied environs of Washington — a place where lawyers outnumber machinists 27 to 1 and where five suburban counties rank among the seven wealthiest in the nation — the fantasies of postindustrial liberalism make perfect sense. The reign of the 'knowledge workers' seems noble.

Seen from almost anywhere else, however, these are lousy times. The latest data confirms that as the productivity of workers has increased, the ones reaping the benefits are stockholders. Census data tells us that the only reason family income is keeping up with inflation is that more family members are working.

Everything I have written about in this space points to the same conclusion: Democratic leaders must learn to talk about class issues again. But they won’t on their own. So pressure must come from traditional liberal constituencies and the grass roots, like the much-vilified bloggers...

The more comfortable option for Democrats is to maintain their present course, gaming out each election with political science and a little triangulation magic, their relevance slowly ebbing as memories of the middle-class republic fade."

Thomas Frank, Rendezvous With Oblivion, NYT 2006

The Dollar was up 55 cents.

The VIX rose showing some risk concerns.

Gold and silver were utterly smacked from the word go.

Stocks rallied madly to new short term highs. 

Nothing really new about all this.

Let's call it 'technical trades.'

I had hedged my trading portfolio in anticipation of this sort of predictable shenanigans.

The only real surprise today was the clip of Cathie Wood extolling the safe harbor attributes of bitcoin.

Non-Farm Payrolls tomorrow.

Have a pleasant evening.