Gold Daily Chart

Gold is jammed into tough overhead resistance.

As David Rosenberg observes:

Did you know … that the gold price has quietly turned in a 16% price advance so far this year and barring a major reversal, this will be the tenth year in a row that the yellow metal has generated a positive “return” for investors. That compares with nine winning years for Treasuries, seven winning years for the broad commodity complex in general, and coming in last, is six for the equity market. The trend is your friend and it is likely with this relative performance in mind that retail investors have yanked money out of U.S. equity mutual funds now for 17 weeks in a row!

SP 500 and NDX September Futures Daily Charts

Tomorrow evening September 8th begins the Jewish holiday season Rosh Hoshanah with Yom Kippur on September 17th. The old Wall Street saying from the 1920's was "Sell Rosh Hoshanah and buy Yom Kippur." However, in modern times the opposite seems to be more applicable.

Unless 'something happens' I would expect volumes to remain light as they were today, and for the US equity markets to be shoved around by short term traders as price discovery and capital allocation mechanisms remain broken.


SP 500



NDX

Gold Daily and Silver Weekly Charts

Gold Daily



Silver Weekly