SP 500 and NDX Futures Daily Charts

We had a little follow through today as the market shook off the weak US GDP number and the continuing problems in Europe.

Next week on Friday is the April Non-Farm Payrolls report.

It is well worth listening to this interview on the US economy by Richard Yamarone on King World News.

There will be no sustainable recovery until the system is reformed.  Stimulus will not work because it is being applied to a broken system that is misallocating wealth and resources.

But austerity is even worse. Promoting austerity without significant economic reforms  is quackery.  It benefits those who took the most during the fraud of the financial bubble and its associated frauds, and punishes the innocent and the victims.

US Economic News Next Week - April Non-Farm Payrolls

Here is the key macroeconomic news next week in the US.

Non-Farm Payrolls at the end of the week will tend to dominate.

Otherwise its the latest European macro jitters, and of course, more US earnings reports.

Gold Daily and Silver Weekly Charts - Gold to $10,000 oz. - Walkin' On the Sun

In general I do not like to post flat out projections for anything at much higher than the current market price, but directionally I think we might be facing a market dislocation in the metals to the upside for some fairly well identified fundamental and technical reasons.

I do not think that a domestic US gold standard is inevitable at all.  I think it is still rather unlikely.

 But I do believe that gold and possibly silver will have an important role to play in international trade.

But first things first.  Gold must break up and take out the small and then the larger symmetrical triangles and retest the previous high.

There was some thinly disguised nonsense about gold on financial television today that is often a good sign of an impending rise in price.

SP 500 and NDX Futures Daily Charts - Smells Like Teen Spirit

VIX has dropped below the 50 DMA.

Stocks may be poised to break out, but GDP tomorrow may be important for any further upward progress.