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Support at 1307, the 50 fibonacci level, held again today. The 1295 level is the .618 as you may recall.
The market popped on Benny's reassurances that QE3 awaits the next stumble, but it did not stick, which is far from bullish action.
Friday is options expiration.
We are in earnings season, and the accounting and financing gimmicks may make them look rather rosy. But watch the guidance.
The US economy will absolutely not recover until the wager earners get back on their feet. This implies increased employment AND an increasing median wage. The headwinds against this are strong, and far from cyclical. The rentiers are sapping the life out of the working classes, and especially the middle class.
Question of the Day: Does Dennis Gartman really post at the Kitco forum under the name PwnedNoob?
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Hey Blythe, Let's Dance!
This clip reminds of the contemporary metals markets.
Just when the house gets jumping, look out, the scheiße patrol!
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.
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.
