Bastille Day 14 Juillet 2010

"The longer we dwell on our misfortunes the greater is their power to harm us."

Voltaire

"Behind every great fortune there is a crime."

Honore de Balzac

"Prejudices are what fools use for reason."

Volaire

Remember, remember...

Gold Daily Chart

This setup resembles the rally off the April low.

If the SP 500 falters at overhead resistance gold will likely remain within its trading range.

SP 500 September Futures Daily Chart

Stocks were rallying today on optimism about earnings based on last night's results from Alcoa and CSX.

After hours tonight Intel announced better than expected earnings and raised its forecasts. This caused the futures to gap open when they resumed trading. Here is what they look like now, after hours.

This has been a wicked rally off the lows. It *might* be getting towards a short term top, possibly tomorrow, but I would not want to get in front of it. Wait and see how the rally progresses.

Net Asset Value of Certain Precious Metal Funds and Trusts