Gold Daily and Silver Weekly Charts - Option Expiry Today, FOMC on Wednesday

There was some intraday commentary on the metals here.

 

The bucket shop delivery and warehouse reports were quiet.

 

Gold and silver had a sharp rally this morning.  Some would ascribe it to a perception that the Fed will not be raising rates anytime soon.

 

I think we have played that tune many, many times.  Too many to matter much anymore.

 

Let's see what happens.

 

Have a pleasant evening.

 

 

SP 500 and NDX Futures Daily Charts - Skip the Reform, More Cowbell!

The Dallas Fed numbers this morning sucked out loud.

I expect this is going to be a long, hot summer.

Stocks pulled back from their euphoria today.

Apple releases its numbers after the bell. The pundits are now saying that the market IS Apple.

We don't need no stinkin' economic and financial reform.

 

We've got bubble fever.  And the only prescription is---

 

More cowbell!

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds - FOMC On Wednesday

I think we have a little short squeeze going on this morning.  I have not looked at the composition of the option trade or the futures contracts but maybe some specs came in leaning on the short side, looking for some easy money on an option expiration.

As a reminder there is a two day FOMC meeting this week with their rate decision on Wednesday.  My friend Dave thinks this is a setup for that.  Perhaps he is right.  The price riggers like to take a price up to lure in speculators, and to have their raise their stop loss arrangements, to make the price hit more effective.

 

This is a bucket shop after all.  That is what most of the US markets are becoming.

 

I tend to watch support and resistance and try not to predict the future.  There is some precedent for a smackdown on the FOMC announcement as we all know.