Gold Daily and Silver Weekly Charts

Today was hardly worth the time and energy expended to watch them fluff the markets to suit their year end bonuses.

Have a Merry Christmas everyone.

SP 500 and NDX Futures Daily Charts

As boring days go this one was right up there.

Gold Daily and Silver Weekly Charts

The long only funds were promoting their end of year stock results today on very light volumes. Miners and metals are such a slight holding amongst them that they are easily ignored in favor of a paper-only policy.

The market sat on the price of gold and silver all day throughout the paper rally to keep a lid on them. It could be getting easier in the short term as individual investors shun the Comex.

There is no additional commentary that is required: pure unadulterated market manipulation of the real world by the paper markets. It will have its time, and then it will fail.

SP 500 and NDX Futures Daily Charts

Like watching paint dry on a virtual house in Farmville.

The only real excitement was an announcement that SP had cut Goldman's debt rating from their web site that took the stock down. That was a disavowed a few hours later and the stock rebounded.

The NDX is lagging from the SP which has been leading the rally higher. This sort of 'broad rally' is often driven by the buying of the SP futures to drive the market higher on light volumes, a patented ploy of Robert Rubin when he was running the Exchange Stabilization Fund as Treasury Secretary.

This rally would inspire more confidence if we all did not know that it is insubstantial, like cotton candy, and that a single headline could send it all tumbling lower rather quickly.

Tomorrow will be even slower, with the action all but over once they strike a level they wish to hit by around noon NYC time.