Gold Daily and Silver Weekly Charts - Watch for Price Shoving After Europe Goes to Bed Tomorrow

FOMC next week.

A late day rally in the metals and stocks was caused by a Fed mouthpiece implying that they would not be ending QE anytime soon, taper or not.

Until the FOMC meeting confirms this, or not, then it will largely be a technical trade.

Lately the wiseguys have been hitting the metals on the Comex after Europe goes to bed.

Let's see if that still works, or if it has become a crowded trade.

I see where John Hathaway says that Gold Will Shock World With $1,000 Rapid Advance.  Shut up!

It would certainly be a topic of conversation to say the least.  Stranger things have happened. Bill Clinton was just named 'Father of the Year.'   You can't make this stuff up.

SP 500 and NDX Futures Daily Charts - Wax On, Wax Off - $yria

My own take is that today was a 'technical trading day.' The economic news of this morning was 'so-so' if you take a closer look at it.

After the sell off for the past two days, and the big losses on the Nikkei overnight, the wiseguys saw an opportunity for a near term short squeeze when the futures we able to hold 1610. So they ran it right back to the top of the short term downtrend channel.  It is easy to shove prices around in these lightly participated markets.

Wax on, wax off.

Tomorrow we get PPI and Michigan sentiment. As a reminder, the wealthy will get the Consumer sentiment reading about five minutes before you do.

FOMC next week and that will weigh on the markets.

NAV of Certain Precious Metal Trusts and Funds - Metals Brace For Friday's Bug Hunt

Hudson: Is this gonna be a standup fight, sir, or another bughunt?
Gorman: All we know is that there's still no contact with the colony, and that a xenomorph may be involved.
Frost: Excuse me sir, a-a what?
Gorman: A xenomorph.
Hicks: It's a bughunt.