SP 500 and NDX Futures Daily Charts - Muscling the Shorts On the Quad Witch

The futures charts have now been rolled over to the September front month.

Big things are expected to happen in the world economy and quickly. It will be most likely that nothing really decisive happens to change this debt crisis, but let's keep an open mind and see what the Greeks do, and what the central banks do in response.

Long bullion and short stocks.

See you Sunday evening.

The Senate's Embarrassing Performance in the Dimon Inquiry

Apparently I was not the only one who could not bear to watch this. As I said, it was iffy going, but Jim DeMint pushed me right over the edge.


Senators Grovel, Embarrass Themselves at Dimon Hearing - Rolling Stone


And here is Jon Stewart's take:

The Daily Show
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Former Goldman Sachs Director Rajat Gupta Found Guilty on Four Counts of Insider Trading

Jury deliberated only two days, finding Gupta guilty on four counts of insider trading, and innocent of two counts.

This was clearly a case of failing to maintain GPS coordinates when burying the bodies for your masters, and failing to provide sufficient campaign donations to the plutocracy.

The pampered princes have thrown another one of their Immortals to the wolves.

So Lloyd has given up one of his thralls, and a whale sized proxy at that. But nonetheless still prey whose moment had come.

Who will take the axe for Jon Corzine and Jamie Dimon?

Key Takeaway: Unless you are a made member of the Billionaire Boys Club, too big to jail, and not merely a faithful servant, take the deal...

Daily Word: Anagnorisis (an·ag·no·ri·sis) from the Greek anagnōrizein, to recognize. See also hamartia

the point in the plot, especially a tragedy, at which the protagonist recognizes their or some other character's true identity and motivation, or discovers the true nature of their own situation

From Bloomberg:

"Gupta, 63, was found guilty of securities fraud and conspiracy by a federal jury in Manhattan today in its second day of deliberations. The trial began May 21. Securities fraud carries a maximum prison sentence of twenty years. Conspiracy carries a five-year maximum prison sentence. He will remain free on bail until his sentencing on Oct. 18...

Gupta is the most prominent of those convicted at trial or to plead guilty since the nationwide crackdown began in October 2009. To date, the U.S. has brought cases against 66 traders and their sources from Wall Street to Silicon Valley. No one has won an acquittal; six cases are pending.

Besides his tenure at Goldman Sachs and McKinsey, which he ran from 1994 to 2003, the Kolkata-born Gupta served on the boards of the Rockefeller Foundation and the Bill & Melinda Gates Foundation. He is also a co-founder of the Indian School of Business in Hyderabad."

Gold Daily and Silver Weekly Charts - Rough Waters Ahead

"All this wiggle-waggle of the gold price below or around $1600 is simply the result of official efforts to delay the appearance of $2,000+ gold.

That is the big event ahead, whose appearance will have deep psychological impact on markets, because the establishment of $2000+ gold will reinforce the idea that gold has still much higher to go."

Hugo Salinas-Price

Central Banks Stand Ready to Combat Greek Market Storm

And to provide advance notice of what is coming to their banking friends?


Tomorrow is stock option expiration, an important quad witch expiry as well.

The FOMC meets next week, and the Greek people have an important election on Sunday that may have some impact on their stance towards an austerity deal.

Today Egan-Jones downgraded France to BBB+ with outlook negative.

There should be no doubt in anyone's mind that the Anglo-American banking cartel is deeply interested in acquiring key European assets on the cheap. This will not stop until the means of executing their trading gambits are removed.

This is a new and more brutal phase of the currency war.

Find something you can believe in and feel comfortable with within reason, and then stick with it until you succeed or are proven wrong. And if wrong, then do not be afraid or ashamed to change.

The only certainty we have is that 'this too shall pass.' But there are some things that remain when all other things pass away, and it is good to be mindful of them in our every day lives, conducted quietly while the greater events of the world unfold and then pass by. Sometimes it seems confusing in all the hysteria and 'fog of war,' but we have a guide to which our eyes can always turn, the pillar and the cloud that leads our way through the wilderness.

"Whatever is right, whatever is wrong, in this perplexing world, we must be right in doing justly, in loving mercy, in walking humbly with our God, in denying our wills, in ruling our tongues, in softening and sweetening our tempers, in mortifying our lusts; in learning patience, meekness, purity, forgiveness of injuries, and continuance in well-doing."

J. H. Newman

"The more I think about the human suffering in our world and my desire to offer a healing response, the more I realize how crucial it is not to allow myself to become paralyzed by feelings of helplessness and guilt. More important than ever is to be very faithful to my vocation to do well the few things I am called to do and hold on to the joy and peace they bring me. I must resist the temptation to let the forces of darkness pull me into despair and make me one more of their many victims."

Henri J. M. Nouwen

"Please, Lord, teach us to laugh again; but, God, don't ever let us forget that we have cried."

Bill Wilson