A Potential Bullish Chart Formation For Gold

There is a potential bullish chart that could be proven in and activated over the next week or so.

I will be keeping a close eye on it.  If it does activate, we might finally have a chart formation worth pursuing instead of this inexorable decline that has plagued the metals for over a year.

Gold Daily and Silver Weekly Charts - Comex Option Expiration Tomorrow - London Calling

“Perhaps it is a universal truth that the loss of liberty at home is to be charged against provisions against danger, real or pretended, from abroad.”

James Madison, letter to Thomas Jefferson, 1798

 

The big tickle in the Big Apple today is the gathering storm.

 

No, not the significance of the Greek elections, in which the people who founded democracy have emphatically said 'enough' to an oppressive austerity by the central planners of the EU and the Troika. 

 

The storm they are concerned with is the odd convergence of two storms of nature, that have sent a chill across the northeast, an impressively sudden drop in the barometer, and an approaching mass of low pressure and humidity making its way up from the southwest, scheduled to arrive late this evening.

 

I hear the NYSE is pledging to remain open tomorrow.  Since there is no storm surge to speak of, to short out the financial robots, and not many people are required to take the non-operating subways, trains, and roadways into work, it may very well be 'ok' tomorrow.

 

Do algos dream of electronic sheep?

 

The anticipated hit on the metals ahead of the option expiration on the Comex tomorrow came in on schedule, unlike the thousands of flights that are cancelling their inbound arrivals into New York and Boston.

 

Let's see if the wiseguys can continue to press their will on the global bullion markets.   The formations on the charts are not set for a trend change just yet.  There may be time to kick the can of rehypothetical reckoning down the road for yet another month.

 

Have a pleasant evening. 

 

 

 

 

SP 500 and NDX Futures Daily Charts - Super-Rich 'Preparing Their Escapes'

Stocks shook off the Greek elections today, and managed to recover their earlier losses from the overnight futures and this morning, in what be called by some as a 'bit of bravado.'

 

After the bell Microsoft came out with a slight beat to inline on revenues, depending on who you asked.  But the earnings were hard to sort out with all the special charges, yada yada.  The stock was selling off after hours. 

 

Microsoft is most decidedly NOT cool again on a technical front.  Their phone operating software is a bloated pig blowing chunks, and their Surface is submerged.  Old fogies like me may still use their stuff, but it is not gaining much tractions with the younger set, except perhaps for the Xbox.  Microsoft overall is an aging monopoly, and they have not yet made the transition to profitable and sustainable growth, except for the Xbox.

 

I will not even say anything about the absurdity of much of the 'journalism' on the financial news networks today, except to note that since he left NYC as Mayor, Michael Bloomberg has been taking a very hands on, personal and detailed attention to the shape and stories offered by his news network. It is telling that he has no background in journalism at any level, and apparently not much respect for it either, since he views the news arm of his business as a means to sell more of his stock trading terminals. No wonder his TV operation has come to resemble The View for the one percent.

Be that as it may, Davos Man sees the Greeks as no threat to the status quo of Europe.  At least not for now.  But could it be that plans are being made?   As Inequality Soars, Nervous Super-Rich Already Planning Their Escapes

Speaking of escapes, I hope our café friends have been able to extricate themselves from their workplaces in the northeastern cities, to find a warm refuge from the approaching blizzard in the warmth and heart of their homes.

 

Le proprietaire and she-who-must-be-treasured are safely ensconced in the somewhat distant foothills of Metropolis, and are snuggling down for what looks to be a rather blustery 24 hours.  Coffee and bakery is being served, after a hearty entrée of home made raviolis and salads.

 

Have a pleasant evening.