SP 500 and NDX Futures Daily Charts - The Calm Before the Storm

Stocks are continuing to move in a fairly tight trading range as you can best see on the SP 500 futures chart below.

I believe that it has been 18 trading days since we have seen more than a one percent closing move in stocks.

Some suggest that this is due to 'tinkering' in the markets by central banks since the Brexit announcement.

Speaking of Brexit, in addition to the non-farm payrolls report on Friday, the markets, especially the forex markets, will be looking at the policy announcement this week from the Bank of England.

Still waters typically run deep, but this market is shallow. So I expect rougher waters ahead.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Dollar Down a Bit, Metals Up

'There are more things in heaven and earth, Horatio,
Than are dreamt of in your philosophy.'

William Shakespeare, Hamlet, Act 1 Scene 5


'The only function of economic forecasting is to make astrology look respectable.'

John Kenneth Galbraith


"Doing nothing while going through the motions of doing something perfectly defines the Securities and Exchange Commission."

Pam and Russ Martens, Rigged Markets Show Signs of a Desperate Slumlord

Gold and silver managed to add a little to their recent gains, as risk began to creep back into the internal judgements of traders, who were taking a little of their recent extended gains in riskier assets off the table.

The dollar gave up a bit as well today.   The correlations between asset classes are rarely pure and constant in the short term.

And in the longer term, they often elude the academic mind as well.  Hence today's intraday commentary about a very serious paper about gold from the Royal Economic Society.

We should be getting some economic news tomorrow that will open the door towards forward thinking about the Non-Farm Payrolls report on Friday.  Two or three days ahead is about as far as these markets are able to go these days.

After all, besides the fact that most of it is just spoofing the average holding times of positions seem to be lasting less than a day, with a half life that sometimes seems to be measured in seconds.

There continued to be outsides 'deliveries' for gold on the Comex, as noted in the box scores below.  Although it should be noted from the warehouse reports that very little of it seems to be going anywhere, except to be shoved around the dice table by the shills and the house.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Within the Range, By Hook or Crook

Stocks took a dip today, scoring the first back to back daily losses since Brexit in mid-July.

Do you feel inspired, more confident?   That's the whole point of this, besides the looting and the waves of asset bubbles.

No?  Well, you do not count anyhow.

Late day buying managed to push the SP 500 futures back up into the 'trading range.'

AIG beat on EPS after the bell and is buying billions more of its stock back to plump up those results.   Nice to see someone has recovered, even if it is a company that was effectively bankrupt before being bailed out.

Let's see how we head into the heavier economic news later this week.

Have a pleasant evening.