SP 500 and NDX Futures Daily Charts

"O Jerusalem, Jerusalem, you who murder your prophets, and persecute those whom God has sent as messengers to you. How often I have longed to gather your children together, as a hen gathers her young under her wings. But you would not let me.

As you have willed, your house is now yours— but will be made desolate.”

 

The 'Yellen put' kicked in about where it might have been expected.

 

Winning....

 

Have a pleasant evening.

 

 

 

 

 

 

Gold Daily and Silver Weekly Charts - The Tyranny of Round Numbers, Functionaries, and Factotums

 

“Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.”

Marcus Aurelius, Meditations

Gold is being stalled here at 1200 and silver at 17.  These have no real significance except that they are 'headline numbers.'  

 

But since the Comex price discovery mechanism is now a bucket shop, the punters may enjoy playing around these headline levels, especially since we are coming into an option expiration.  Who the heck that isn't an insider is still bellying up to buck the tiger at that twisted faro table on the Hudson?

 

I think we may be nearing an extreme in bearish metal sentiment because the shills and trolls for the funds are throwing out some ridiculously scatological 'analysis' on gold again.  Well, water finds its level, and not only hope floats.  This is why we can't have nice things.

 

Speaking of the scatological, someone shared a study with me showing that an increase in interest rates is almost necessary to insure the continued good financial health of JP Morgan in the near term. This zero interest rate policy is putting a serious squeeze on their officially subsidized  vigorish.

And the Fed, having fostered yet another bubble in financial assets, and yes it is a bubble, need to give themselves some room to cut rates to 'fix it' once it fails as it most likely will again.  There is a purpose to their 'wash and rinse' of the real economy, as more useful assets are transferred to the top.

So I do think we will have a lot of happy talk about recovery from very serious people, the Fed drones who have gotten into some fairly nice sinecures by going along with the financial flow for most of their careers.  Insiders don't talk badly about the mistakes and follies of other insiders.

 

They won't be talking about the inferior and unlivable part time jobs that people are actually getting, the stagnant real median wage that is strangling organic demand, or the enormous concentrations of capital that they fostered which is increasingly enabling enormously abusive monopolies that will most likely take a generation of struggle to root out and overturn.

 

Keep an eye on China, and Russia.  They have some big cards to play this year, and it will be interesting to see what they throw down.  Not that they are any better, not under the rule of oligarchs as well.   But history always seems to have a turn when least expected.

 

The glory that was Greece, the grandeur that was Rome.   Ubi sunt?

Where were you when I laid the earth’s foundation?

Tell me, if you know.

Who marked off its dimensions?

Who stretched a measuring line across it?

On what were its footings set,

or who laid its cornerstone –

while the morning stars sang together

and the angels shouted with joy?

 Have a pleasant evening.

 

 

 

SP 500 and NDX Futures Daily Charts - The Downward Spiral of Dumbness

The Comex is a bucket shop, but the question remains how much of a bucket shop have the major equity exchanges become in the hands of the High Frequency Teasers?

So far the decline may be a bit exhilarating for the largely clueless 'buy and hold' crowd, but as shown in the SP 500 cash chart below it has dropped to familiar territory around the 100 DMA.

The stock market has been known to find the energy to shift from rinse cycle to a spin dry around here, and then run up again for another wash in the wash-rinse=spin cycle that is the new capital allocation system in the great NY Laundromat, second only to the bucket shop in sheer brazen manipulation.

So let's see if it holds here, or the Yellen put kicks in at the next stop on the cycle, at the 200 DMA.

The game here is to keep pumping the Banks with plenty of cash, allowing it to be used by the one percent to basically buy everything up on the cheap, turning the remainder of the country into serfs.

Anti-trust? What's that? The only thing not to trust in is the rule of law.  Knock down all the laws, and then when the cold winds of private tyranny blow across the lands, what then will stop them? 

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

 

Have a pleasant evening.