30 March 2023

Stocks and Precious Metals Charts - Lipstick on a Pig - End of First Quarter


"Plus ça change, plus c'est la même chose."

Jean-Baptiste Alphonse Karr, Les Guêpes, 1849

“Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort.”

Antony C. Sutton

"A fire broke out backstage in a theatre. The clown came out to warn the public; they thought it was a joke and applauded. He repeated it; the acclaim was even greater.

I think that's just how the world will come to an end: to general applause from those who believe it's just a joke.”

Søren Kierkegaard

"Jim, lad, there be consequences an' then there be consequences. Devil take 'em all, says I, and pass aft the rum."

Robert Louis Stevenson, Treasure Island


And so we have the traditional end of the first quarter 'paint job' where certain aspects of the tape and pumped up or depressed to enhance the quarterly results of the denizens of Wall Street. 

Painting the tape or putting lipstick on a pig.  

It's what they do.

The Dollar dropped.

Gold and silver rallied.

The VIX continued to drift lower.

Bloomberg had a banner announcing a new bull market in tech for a good part of the morning. 

Tomorrow might be a quiet day if equity valuations have reached their optimal targets.

Or not.   It's hard to predict these she short term wiggles in the grift.

Have a pleasant evening.