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So far it has been a real lift for the metals, as they have both broken out of their short term capping and coiling patterns.
Now they have both reached intermediate, rather than short term, overhead resistance from trend lines.
I would not be surprised to see a little consolidation here and a few weak hands taking profits.
Bill Murphy Interview: JPM Is In Trouble (audio)
The SP futures closed at 1400 and the NDX futures at 1360.
We *might* have some more downside here even if this is a correction in this summer rally. 1385 or so might be a decent target.
Europe weighs on the market, but volumes remain light.
Earnings and Revenues are not coming in well, so it may be on the central banks to provide some joy juice to the markets. It is likely not to help the real economy however since the monetary transmission systems are on 'shift upward without producing anything of value.'
Gold is still carrying a higher premium in the funds and trust than silver.
Notice how sharply gold and silver have moved after those weeks of tedious capping. And there is not a lot of doubt in my mind that it was conscious and purposeful.
I hope you were able to take advantage of this 'tell' as well as the absurd pinning action which we saw in the equity markets since the beginning of August, especially in the SP 500.
Sprott PSLV is continuing to add to silver inventory and drawing down the cash raised in their last unit offering.
There are still a number of ways to interpret this. I suspect that there is news-in-the-making being digested behind the scenes. War, QE, some major Euro development, take your pick.
Note: I have included a second set of data from later today.
