18 February 2016

SP 500 and NDX Futures Daily Charts - Wobbling 'Confidence' Game


US stocks were giving up some of the recent gains today, which is no real surprise.

The advance of the last few days has been remarkably 'technical,' with no real participation from large institutional buyers.

Some have characterized it as 'retail buying' but from my vantage it looked more like manipulative algo buying, with some of the usual punting on the side. Wall Street wishes that mom and pop would come in and buy their dodgy paper yet again. Unfortunately mom and pop and their house account are in intensive care from the last four or five cons that the financial sector has run on them.

The Philly Fed this morning shows contraction again, for the sixth straight month I believe.

We are not just being badly served by well-intentioned but misinformed people. That is the 'Greenspan Defense.'

No, it is more of the self-serving and self-enriching actions of an effete group of prideful plutocrats and their willing servants. They succumbed to the principle that 'greed is good' and now are caught in a credibility trap of their own making and consequences.

And like the amoral narcissists and pampered and privileged clerks that they really are, they are mightily looking for someone else to pick up the tab for their dalliances on the dark side of their own self-serving delusions.

The peasants sense that something is wrong, and that they are being lied to on a systematic basis. And they are rejecting the usual brands being offered up by the corporate cliques for their presidential choices.

Is there anything in all of this that is not yet clear? There is no hope without real change.

Have a pleasant evening.





17 February 2016

Gold Daily and Silver Weekly Charts - Gold Shows Some Resilience


Gold and silver were hit early in the overnight, and there was some obvious quote stuffing and other gimmicks in the gold futures to take the price lower. Don't take my word for it, it was Nanex that printed this and showed the data.

And gold once again would not be denied, and held the 1200 level and then some.

Let's see how we keep going in this potential chart formation.

Silver is lagging a bit here, which makes some sense because this is still a 'safe haven' trade despite what Goldman might say about anything.

And as you know, if things continue as they are, I do expect a 'dislocation' in the physical gold market, probably later this year.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Goldman Says 'No Fear' and Market Listens


Stocks were in rally mode today and the release of the Fed minutes was no impediment as they held their gains into the close.

This looks very much like a technical, 'short squeeze' rally, which is somewhat narrow in scope and with declining or flat volume as the indices push higher.

I am getting a desire to buy some volatility again around here, but perhaps I will wait to see what happens tomorrow.

Have a pleasant evening.