Gold Daily and Silver Weekly Charts - It Don't Mean a Thing If You Ain't Got Ca-Ching

Question of the Day: Does Dennis Gartman really post at the Kitco forum under the name PwnedNoob?

Hey Blythe, Let's Dance!



This clip reminds of the contemporary metals markets.
Just when the house gets jumping, look out, the scheiße patrol!

SP 500 and NDX Futures Daily Charts - Floy Doy, Floy Doy, Floy Doy

If this is just a correction it will not stick a close below 1295, which it touched briefly today, because that is the fibonacci retracement of .618. The futures closed at roughly the .50 at the end of trading. If it does break support then we would likely be looking to retest the old bottom from this rally.

As a reminder this is an early option expiration for stocks this week, it being the third Friday of the month. So shenanigans are de rigeur.

Be very careful. This market is a flat foot floogie with a floy, floy.

Gold Daily and Silver Weekly Charts - Maguire Talks about China, Gold, and Silver

Andrew Maguire's interview with KWN was released today and you can read my comments and listen to the interview from here.

Both gold and silver were hit by a sharp bear raid starting around 10:30 NY time, as an intro to Obama's press conference on the US debt ceiling folderol.

I think that deal is all but done, and we are in the theatrics stage now, as both parties wish to impress their respective constituents and frighten them into complacent acceptance.

Mr. Obama is a skillful negotiator and rather crafty, but seems to lack a moral compass. In other words, a consummate politician, but not a leader for a global crisis, in the manner of a Kennedy, Churchill, or Roosevelt.

I do not wish to be rude, but alas, the other choices amongst his peers of both parties do not seem particularly enticing. There seem to be few attractive alternatives these days in that venal and craven Munchkinland called the US intellectual and political leadership, amongst all the self-seeking opportunists, corporate sock puppets, narrow ideologues, mean spirited frat boys, and servile sycophants.

SP 500 and NDX Futures Daily Charts - Watch Support at 1307.50

The equity markets pulled back sharply today, down to our support levels, as they had a bit more difficulty ignoring the debt situations in Europe and the US.

The key pivot level on the SP Futures is from 1305 to 1307.50.

Let's see if this support level will hold. Alcoa reported a revenue beat and an earnings miss after the bell. Earnings news from individual companies will present a set of cross currents to the macro developments.

So we might have a stock picker's market with the important caveat to watch the overall global situation and be prepared to react to it.

I am fairly confident that Obama and Boehner have already reached a deal of sorts, with some details still to be provided closing some tax loopholes and allowing tax cuts to expire in a couple of years, with overall budget cuts around 2.5 trillion or so. It remains to be sold to the House, and the Senate will approve.

Both sides will claim victory. 

No real problems will be solved.

The actual resolution will come as a response to the next financial crisis.   It will probably be messy, and sub-optimal, but seemingly the only choice left on the table.

Until then they will continue to serve up politically based and increasingly bizarre concoctions for Benny and the real economy to watch, increasingly in despair of something worthwhile and substantial.

Watching these jokers at work is emotionally draining, like prune juice for the soul.