09 February 2017

Stocks and Precious Metals Charts - Risk On - Snow Day - Crony Capitalism


“A true opium of the people is the belief in nothingness after death, the huge solace, the huge comfort of thinking that for our betrayals, our greed, our cowardice, our murders, we are not going to be judged.”

Czesław Miłosz

As you may have heard a winter storm swept across the northeastern US this morning. Luckily it came up the coast a little further east than expected, so we only received about six inches of heavy wet snow, which failed to drift in the high winds. Those further east got clobbered.  Even with a snowblower clearing it was tiring, though.

The continuing fraud and inequality is taking a toll on the economy and society. Yes, the pigmen are emboldened and elated, because they see themselves winning. Things have not blown up in their faces yet, and the bailouts which they received from their grateful servants in government has made them feel almost invincible.

About 11 tonnes of paper gold were dumped on the market early, as part of the risk on theme of the technical trade, and the perception management surrounding a number of odious IPOs coming to market.

It will not last.  And Trump and the GOP are going to own the next financial crisis and its aftermath.

Speaking of our entitled establishment, here is the usually hidden face of corporate conservatism on those decadent, lazy, and spoiled US workers.    At least the Wall Street Democrats know how to feel the common people's pain, or fake it convincingly from a distance, over cocktails and canapes in their exclusive enclaves.

But they did figure out a way to make the average US citizen pay more to die younger, and consider themselves exceptionally well-served.

And our enlightened ones wonder why the natives are restless, and change is in the wind.

Have a pleasant evening.



08 February 2017

Stocks and Precious Metals Charts -The Beat Goes On - Hollow Men


“Pity the nation whose people are sheep,
and whose shepherds mislead them.
Pity the nation whose leaders are liars,
whose sages are silenced,
and whose bigots haunt the airwaves.
Pity the nation that raises not its voice,
except to praise conquerors
and acclaim the bully as hero
and aims to rule the world with force and by torture.
Pity the nation that knows no other language but its own
and no other culture but its own.
Pity the nation whose breath is money
and sleeps the sleep of the too well fed.
Pity the nation — oh, pity the people who allow their rights to erode
and their freedoms to be washed away.
My country, tears of thee, sweet land of liberty.”

Lawrence Ferlinghetti, New Poems, City Lights


"Were all stars to disappear or die,
I should learn to look at an empty sky
And feel its total dark sublime,
Though this might take me a little time.”

W. H. Auden

The SNAP IPO continues lumbering on. Here is a recap of the deal.

As you may recall, I have a theory that the market does not correct until this oinker slouches towards Wall Street and is finally born.

The evening news is generally about the latest political outrage and stunt in Washington DC.

Gold and silver are moving higher towards the next serious level of overhead resistance, which is fairly prominently indicated on the charts.

While I like the action, I think it will be much more impressive later this year when it is moving fifty to one hundred dollars over for gold, and a dollar or two for silver.

Wild times, in other words.

It was 60 degrees and Springtime here today. Tomorrow we are expecting a storm to dump ten inches of snow on the NYC metro area. That may put a crimp in the wiseguys' commutes. Hide the women and children, and batten down the hotel bars.

Headpieces filled with straw. Alas!

Have a pleasant evening.





07 February 2017

Stocks and Precious Metals Charts - Snap Crackle and iPlop


Disney missed after the bell.

The Snapchat IPO is lumbering towards the market.

Sometimes they do ring a bell.

The precious metals were off a bit, but held their ground fairly well.

There has not been much in the way of economic news.

The Street is only going to be able to carry this market while the organic volumes remain low, and the bulk of the trading continues to be milliseconds worth of spoofing and arbitrage. That sort of 'liquidity' melts in the face of real selling.

Trump is going to own the next financial crisis. He is setting himself up for it rather tidily, whether he deserves it or not.

Have a pleasant evening.