24 April 2013

SP 500 and NDX Futures Daily Charts


Durable goods came in a bit light today, but since those numbers are marked by high month to month volatility it is usually good to ignore them and watch only the trends.

Of more concern is the general weakness in the revenues of reporting companies. Earnings less so because they are often accounting fictions.

GDP on Friday is expected to come in around 3 percent with a range of 2.8 to 3.2.





Even the Innocent Were Knowingly Imprisoned and Tortured So As Not to Embarrass the Powerful


"Now, in a sworn declaration obtained exclusively by Truthout, Col. Lawrence Wilkerson, who was chief of staff to former Secretary of State Colin Powell during George W. Bush's first term in office, said Bush, Cheney, and Rumsfeld knew the "vast majority" of prisoners captured in the so-called War on Terror were innocent and the administration refused to set them free once those facts were established because of the political repercussions that would have ensued...

Wilkerson said he "made a personal choice to come forward and discuss the abuses that occurred because knowledge that I served in an Administration that tortured and abused those it detained at the facilities at Guantánamo Bay and elsewhere and indefinitely detained the innocent for political reasons has marked a low point in my professional career and I wish to make the record clear on what occurred."

"I am also extremely concerned that the Armed Forces of the United States, where I spent 31 years of my professional life, were deeply involved in these tragic mistakes. I am willing to testify in person regarding the content of this declaration, should that be necessary," he added..."

Truthout, Ex-Bush Official Willing to Testify Bush, Cheney Knew Gitmo Prisoners Innocent

"As they have dared, so shall I dare. Dare to tell the truth, as I have pledged to tell it, in full, since the normal channels of justice have failed to do so. My duty is to speak out; I do not wish to be an accomplice in this travesty. My nights would otherwise be haunted by the spectre of the innocent man, far away, suffering the most horrible of tortures for a crime he did not commit...

At this solemn moment, in the presence of this tribunal which is the representative of human justice, before you, gentlemen of the jury, who are the very incarnation of the country, before the whole of France, before the whole world, I swear that Dreyfus is innocent.

By my forty years of work, by the authority that this toil may have given me, I swear that Dreyfus is innocent. By all I have now, by the name I have made for myself, by my works which have helped for the expansion of French literature, I swear that Dreyfus is innocent.

May all that melt away, may my works perish if Dreyfus be not innocent! He is innocent.

All seems against me — the two Chambers, the civil authority, the most widely-circulated journals, the public opinion which they have poisoned.

And I have for me only an ideal of truth and justice. But I am quite calm; I shall conquer. I was determined that my country should not remain the victim of lies and injustice.

I may be condemned here. The day will come when France will thank me for having helped to save her honor."

Émile Zola

“You may choose to look the other way, but you can never say again that you did not know.”

William Wilberforce, Speech in the House of Commons, 1791


23 April 2013

Gold Daily and Silver Weekly Charts


Gold hit an important overhead resistance level and back off of it today, although it did hold its ground.

Silver is hanging on the 23 dollar level.

Intraday commentary on the rating agencies here.

AAPL reports after the bell.

GDP Advance number for the 1Q on Friday.




SP 500 and NDX Futures Daily Charts - Intraday Tweet Flash Crash


Intraday commentary on the twitter inspired flash crash here.

The market is rising on thin volume and skittish positions.

The volatility index, which is a measure of risk perception, is trending back towards complacency.