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The support levels in stocks are rather obvious. You might wish to keep an eye on the techs which are following but with some reluctance. The support on the NDX futures is 2100.
The metals action is remniscent of the other failed option expiration stuffing that backfired on the bears as we had noted last week. The difference is that silver has relinquished its leadership role to gold at least for today.
A whiff of cordite has caused gold and stocks and to some extent silver to diverge today significantly, but tomorrow is another day. The call holders will convert to futures and their positions, leverage and will to hold them might be tested.
These markets are riddled with control frauds, but they are the works of men. So while they can be oppressive, they are hardly omnipotent.
Interesting action in the precious metals ahead of the gold and silver Comex option expiration.
"Now listen, you wealthy, weep and wail because of the misery that is coming on you. Your wealth is rotting, and moths have eaten your clothes. Your gold and silver positions are false. Their corrosion will testify against you and eat your flesh like fire." James 5:1-3
Personally I would hope they do not even allow them to pass anything but a pro forma budget and then show them the door, because everything they do is tainted.
The elections will be a referendum on the financial corruption between the banks and the government elites in Ireland as they were in Iceland.
Why the Irish would yoke themselves and their children for years to save the multinational banks is puzzling. But it will not have been the first time that the Irish people were sold by their leaders to the monied powers in foreign lands, and it likely will not be the last.
Bloomberg
Euro Drops as Irish Government Plans to Dissolve After Budget
By Catarina Saraiva
November 22, 2010, 3:20 PM EST
Nov. 22 (Bloomberg) -- The euro fell for the first time in four days versus the dollar and yen after Ireland’s government started to unravel and Moody’s Investors Service said it may lower the nation’s credit rating by more than one level.
The dollar and yen advanced against most of their major counterparts as a drop in stocks encouraged investors to seek refuge from Europe’s financial crisis. The euro slid from a one- week high against the dollar as Ireland’s Prime Minister Brian Cowen said a day after asking for European aid that the government will resign following passage of the nation’s budget.
“Political uncertainty in Ireland could risk the timely implementation of the new budget and the austerity measures required to bring the deficit down,” said Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange Inc., a currency brokerage. “That’s a large negative for the euro.”
Éirinn go brách
