Gold Daily and Silver Weekly Charts

So far the support levels are holding well.

Let's see how the rest of the week goes. Overhead resistance is key here.

SP 500 and NDX Futures Daily Charts

The Street was supporting stocks for the LinkedIn IPO which was priced today after the close at the high end of the range. This is supposed to be a bellwether for the social networking IPO market which is a plum for the pigmen to sell at high valuations.

Although LinkedIn is hardly like Facebook, nevertheless it is viewed as important revenue wise for those who run the retail side of Wall Street.

Gold Daily and Silver Weekly Charts - US Debt Currency Has TIC Douloureux

The metals seem almost locked at the hip with equities at this point in the credit crisis.  Its an idle liquidity thing, driven by negative real interest rates on savings and sovereign debt.  The real economy offers few productive outlets and the recovery cannnot obtain traction because the government has not corrected the abuses and distortions that created the problem in the first place.

As one might expect, la Douleur appears to be struggling to break out higher, and avoid falling over a rising wedge. It can go either way.  Lower seems a bit more likely, but in the world of fiat, these things are relative.

Foreign governments, of at least the non-client state kind, appear to be continuing to eschew Treasuries. 

TIC Report Shows China Sold Treasuries Again - WSJ

"China sold U.S. Treasury securities in March, reducing its holdings for the fifth straight month while remaining the largest foreign holder, the Treasury Department said Monday.

Overall, foreigners were net buyers of long-term U.S. financial assets in March, according to the monthly Treasury International Capital report, known as TIC.

China's holdings fell $9.20 billion to $1.145 trillion, following net selling of $600 million in February.

Meanwhile, Japan has been a heavy net buyer in recent months, accumulating Treasurys at record levels. Japan remained the second-largest holder of Treasurys, lifting its holdings ..."

Let's see, the Fed buys Yen, and the BOJ buys Treasuries.

You put your right hand in, you put your right hand out, you put your right hand in, and you shake it all about...  

Looks like DSK isn't the only one doing the hokey pokey.