Gold Daily and Silver Weekly Charts - Dogs, Not Barking

I found it interesting that on a day when the Dow Industrials (index for the financial tourists) and its little brother, the SP 500, were pushing to new highs, with VIX falling, that gold and silver held their rally from yesterday.

More silver contracts were stopped, bringing the new monthly two day total over 11,000,000 ounces.

There was nothing happening in the warehouses. The hot potatoes are all staying in the restaurant for now.

Non-Farm payrolls on Thursday and then the market close early afternoon for the national holiday. Unless we have a six sigma non-farm payrolls print I expect the early action to fade fast as the adults exchange their cell phones for summer drinks, leaving the carney games to the juniors.

I was pleased to hear that several of my son's friends of the highly talented mathematical persuasion have decided that budding careers working for Wall Street Banks are just not worth it, and have given their notice on their offers and internships. Perhaps there is room for hope. Let them eat liberal arts majors. Extreme careerism and shallow greed has its ebbs and flows along with everything else.

Have a pleasant evening.

 

 

SP 500 and NDX Futures Daily Charts - Excelsior!

The Dow Industrials and the SP 500 were pushing to new highs today, and they were breaking out the 'Dow 17,000' caps and halter tops on bubblevision and its clones.

Volatility fell on weak economic news as stocks soared to kick off the start of the third quarter. Non-Farm Payrolls on Thursday.

In a parody of the new TV series Silicon Valley, Google bought a streaming music company tonight, matching (a polite way of saying 'copying') Amazon and Apple.  I suspect that these companies are buying these other companies with a debased currency, eg. their own stock.

I am starting to become more interested in the short side. I suspect we will see some sort of short term flush in the not too distant future, in time to do a wash and rinse ahead of the even of the year, the IPO of Alibaba presumably on August 8.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - FWIW

From now until the end of the year, the precious metals markets may be very interesting to watch indeed.  This is the sense I have of the market from watching the tape, and the formation of the market and the trading action.

Silver on the left and gold on the right. Not sure which one carries the knockout punch.

 

Given that this is now the active month for silver on the Comex I will be spending more time on that market.  

 

There was some commentary on that today.

 

There's something happening here.

Have a pleasant evening.