SP 500 and NDX Futures Daily Charts

Divergence between the SP and Tech continues unresolved.

I think this is the point of make or break for this rally in stocks.

Gold Daily and Silver Weekly Charts

The US economy is faltering from the ground up. The dollar continues to slide.

I am not so constructive on the valuations of bonds and equities here for the short term, but will try not to underestimate the power of the bubble-onians.

The dollar, along with the middle class, is being sacrificed for the benefit of the few, the monied interests and the governing elite. And of course their pliant followers and those most easily led.

Gold and silver offer a refuge because they withstand the test of time.

I took risk and profits off the table in the early morning trade, and then watched the action for the rest of the day, adding some broad index shorts into the close to balance out the remaining longs on the metals.

SP 500 and NDX Futures Daily Charts

There is a divergence between the SP 500 and the tech sector. There is also a strong indication that the US economy is sluggish, not only in terms of GDP, but also in median wage and consumer spending.

RIMM lowered guidance after the bell, and P&G lowered expectations.

I shifted quite a bit of risk off the table this morning, and went into the close with new short positions on US broad equities, to offset some longs and bring my portfolio to a more neutral to bearish stance. I will probably lose the short positions if the techs can rally tomorrow and hold it into the weekend.

Gold Reserves Per Person

Where are Canada, the UK, and Australia?

Chart: The Economist