28 May 2024

Stocks and Precious Metals Charts - Sliding Down Quietly Into the Abyss


Easy is the descent into hell;
Its dark doors stand open, night and day.
But to retrace one's steps,
To return to the upper air,
That is the task, that is our labour.

Publius Vergilius Maro, Aeneid

'Simon, Simon.  Satan has asked to have you, and to sift all of you, like wheat.  But I have prayed for you, that your faith may not fail.  And when you have returned to the faith, you must help to strengthen your brothers.'

Luke 22:31-32

They spend their days in prosperity, and slide down quietly into the abyss.  They say to God, 'Leave us alone!   We do not want to learn your ways.   Who is the Almighty that we should serve him?   And what would we gain by praying to him?  Is not the prosperity of the wicked the result of their own efforts, since they have never sought God’s help?'

Job 21:12-16

The Lord reached down and rescued me;
      he drew me out from raging torrents.
He delivered me from powerful adversaries
      who hated me, and were too strong for me.
They assaulted me in the time of my distress.
      But the Lord sustained me and brought me to safe harbors.
      Because he delights in me, he saved me.

Psalm 18:16-19

Fathers and teachers, I ponder, 'What is hell?' I maintain that it is the suffering of being unable to love.

Fyodor Dostoevsky, The Brothers Karamazov

Stocks were wobbling around, but managed to finish the day in the green.

Gold and silver in particular rallied.

VIX rose slightly.

Today was a quiet option expiration on the Comex for Precious Metals.

Most of the work had been done in slamming prices in the days leading up to today.

Sometimes we see another gut punch to test the new longs who were holding call options that were in the money, and have been converted into new futures positions.

Have a pleasant evening.