Gold Chart - Fingers Crossed

It would be nice to see an actual chart formation take shape and be activated.

This has the makings of a slanted double bottom or a slanted W, or a 'cup' although there is a lot of work to be done to fill that one out.

Or nothing, if gold cannot follow through.

Gold Daily and Silver Weekly Charts - Triumphant!

Gold and silver were hit pretty hard this morning.  I am sure you know this by now.

 

The Fed and their Banks could not abide a negative reaction to their latest policy pronouncement.

 

So the Gold and Silver futures were crushed, and handily so.

 

And stocks, which were selling off for much of the day, caught a determined bid that seemed to come from futures buying that lifted those prices higher, and turned the day in the favour of the triumphant masters of money. 

 

Huzzah!

 

As you may know from the calendar provided we are now getting into the active contract month of February.  Today was 'first position' day for February.

 

Let's see if the carney game on the Hudson gets any more actual activity in the Comex warehouses and futures pits, besides the usual game of Liar's Poker.

 

I understand that there is a lot of bullion activity for silver in the Comex warehouses, but I think that is more likely due to CNT, which is a registered warehouse, using the Comex to get their deliveries together since they are now a major supplier to the US mint.

 

A correction was due, and as I took some pains to point out last week, this FOMC meeting with the option expiry the day before was likely to provide a decent test of the recent rally.

 

Let's see how we go next week.

 

SP 500 and NDX Futures Daily Charts - Love That Shake Shack

Stocks were in the dumps most of the day, despite the 'better than expected' new unemployment claims report that was probably some kind of seasonal anomaly, but let's keep an open mind on that one.

Stocks found a footing and rallied into the afternoon, finishing in the green.

There were a lot of earnings reports in hot stocks after the bell. GOOG missed everything, AMZN hit EPS but missed the topline, but said good things about their margins, VISA is splitting. Yowza yowzers, get yer hot stocks and nekkid ladies.

Perhaps more importantly, Shake Shack is pricing its IPO tonight, and the Street has to make it look good to take it to market.

And besides, the Fed cannot have the markets selling off, even if their policy guidance was banal and largely ineffective.

Let's see how the macroeconomic issue sort themselves out, and not forgetting the geopolitical issues. This will help us to keep some sort of equilibrium in all this carney noise.