"It is crudely general to suggest collective responsibility for the German populace. It is, however, fair to suggest that those who continued to defend the idea of Germanhood publicly as the war went on—when this had become synonymous with barbarity—were in fact renouncing their humanity for the sake of individual survival and peace of mind."
Panayiotis Demopoulos, Götterdämmerung: Suicide Music
"I preferred her to scepters and thrones,
and I accounted wealth as nothing in comparison with her.
Neither did I compare any priceless gem to her,
because all gold is but a little sand in her sight,
and silver will be accounted as clay to her.
I loved her more than health and beauty,
and I chose to have her rather than light,
because her radiance never ceases.
All good things came to me along with her."
Wisdom 7:8-11
We had some profit-taking in the metals, and in short positions in equities today.
Let's see how things go next week.
I have to run now to take care of some errands while the sun is shining.
"No regulatory penalties, no criminal indictments for fraud, no clawbacks, no prohibitions of bonuses at least during early phase of financial market recovery, all of this sticks in my mind as unjustifiable— and imprudent, as it taught a lasting lesson that bankers had immunity."
Dr. Harald Malmgren
"At the recent market peak, the most reliable measures of U.S. equity market valuation (those best correlated w/actual subsequent long-term returns) were about 200% above (3 times) historical norms. No market cycle, not even 2002, 2009, has ended at valuations even half that level."
John Hussman
Yesterday I said:
"The 2770 level on the SP 500 Futures chart looks like an important support level. Below that the bulls will need to start taking Xanax if they break 2740 and stick a close below that."
The continuous contract SP 500 futures, which is what I watch and chart, failed to hold that support at 2770, and closed at 2747, after an intraday low at 2712, which is the diagonal support line from the previous correction lows.
As for big cap tech, after a plunge to test 6905 they managed to come off the lows and actually finish in the green around 7040
So at least for today the market stabilization crew can claim 'mission accomplished.'
The Dollar took a bit of a dive today, as the safe haven buying flocked to the bonds, sending yields lower, and to gold and silver which had the kind of bounce we have not seen in some time.
Gold finished near the upper band of its recent short term trading range. Now we have to 'break out' to keep it going higher from here.
Let's see how the wiseguys manage the markets going into the weekend.
As previously noted, a decent attempt to get the stocks back higher, after some possible doodling around down here near support is certainly possible.
I have not bothered to calculate the percent declines and Fibonacci retracement levels yet, as the current correction is still rather 'young.'
We are on the brink of earnings season once again, and those firms coming out and warning are being beaten rather soundly.
If stock buybacks are the main thing that the stock bulls can look forward to, then they are just delaying the inevitable.
"Since 2013 China continues to absorb physical gold from the rest of the world at a staggering pace. Worth noting is that gold imported into the Chinese domestic market is not allowed to be returned in the foreseeable future.
Because ownership and the disposition of these volumes of gold likely will be of great importance next time around the international monetary system is under stress, it’s well worth tracking China’s progress of imports – especially because the mainstream media and most consultancy firms are in denial of these events."
Koos Jansen, BullionStar
"Gold is unique among assets, in that it is not issued by any government or central bank, which means that its value is not influenced by political decisions or the solvency of one institution or another."
Salvatore Rossi, Chief of the Central Bank of Italy, 30 Sept 2013
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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