Gold Daily Chart

An Intraday Look at the US Equity Market and Some Related Observations

The support levels in stocks are rather obvious. You might wish to keep an eye on the techs which are following but with some reluctance. The support on the NDX futures is 2100.

The metals action is remniscent of the other failed option expiration stuffing that backfired on the bears as we had noted last week. The difference is that silver has relinquished its leadership role to gold at least for today.

A whiff of cordite has caused gold and stocks and to some extent silver to diverge today significantly, but tomorrow is another day. The call holders will convert to futures and their positions, leverage and will to hold them might be tested.

These markets are riddled with control frauds, but they are the works of men. So while they can be oppressive, they are hardly omnipotent.

Gold Daily and Silver Weekly Charts

Interesting action in the precious metals ahead of the gold and silver Comex option expiration.

"Now listen, you wealthy, weep and wail because of the misery that is coming on you. Your wealth is rotting, and moths have eaten your clothes. Your gold and silver positions are false. Their corrosion will testify against you and eat your flesh like fire." James 5:1-3