SP 500 and NDX Futures Daily Charts - Loose As a Goose

Stocks were weak most of the day, until the Fed minutes from their last meeting came out in the afternoon.

The Fed's meeting conversations were dovish, and so on their release the minutes triggered a short covering rally in stocks.

Financial paper assets love that loose policy talk.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - The Exceptional, Swirling the Drain

“The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.”

John Kenneth Galbraith, The Great Crash of 1929

Gold was a bit weak today, while silver was holding on to the 16 handle extremely well.

There were no deliveries at The Bucket Shop yesterday except in copper.

The bullion warehouses continue their slow bleed of inventory.

After the bell Deutsche Bank reported that it would be taking a $7 billion loss on writedowns.

The commentary on US financial television would make Diogenes smash his lamp, and compel even the stoics to weep in despair.

And these are the courtiers to the exceptional.

Have a pleasant evening.

h/t David Stockman

SP 500 and NDX Futures Daily Charts - Waiting For Godot, or Deutsche Bank, or Something Like That

“If all else fails, immortality can always be assured by spectacular error.”

John Kenneth Galbraith

By this measure, the Federal Reserve is already amongst the immortals.

Oh, well done.

The economic news came in weakly this morning.

The 'tax reform' discussion on CNBC this afternoon was almost surreal in its detachment from economic reality.

After the bell Deutsche Bank reported that it would be taking a $7 billion loss on writedowns.

Earnings will start coming in after the bell on Thursday.

Have a pleasant evening.