SP 500 and NDX Futures Daily Charts - Another Late Day Stick Save Into the Close

Light volumes and another late afternoon boost in stocks to take them even to green.

It must be summer in New York during the era of perpetual financial corruption.

Next week will be packed with macro-economic news, including an FOMC meeting, 2nd Quarter GDP and all that goes with it, and wrapping up the Non-Farm Payrolls report at the end of the week.

Have a pleasant weekend.

Next Week's US Economic Calendar Is Action Packed

As sparse as this week may have been with regard to macroeconomic events, next week is packed with potentially market moving reports.

The heavy hitters with be the 2Q GDP number, an FOMC rate decision, and the July Non-Farm Payrolls Report.

I do not need to tell regulars at the Café that with this lineup it appears that the precious metals may be running the gauntlet into the August delivery period.

Today it looks like the new futures contract holders with in the money calls from yesterday's COMEX option expiration are getting the 'gut check' that I suggested. Smells like teen spirit. The eligible inventories are scraping the bottom of the barrel. Maybe its time to hit up the ETFs again. But that triggers heavy Asian physical buying. So it becomes a vicious circle. What is a confidence man to do?

If the economic news next week is bad enough, bad may be the new good. I wondered why the erstwhile US President decided to kick off his economic road tour this week.

Gold Daily and Silver Weekly Charts - Here Comes the Judge

There is intraday commentary on the subject of gold backwardation here.

You may read it, but to summarize it in twenty five words or less, 'If the problem is a shortage of physical supply, about the last place you would go to resolve it would be the COMEX futures.'

I also wrote a short piece that in retrospect went three times longer than necessary wherein I talk around some of the goofier comments I have seen about the precious metals markets lately in the mainstream media.

Today was fairly quiet for an option expiration, even with the overnight head fake of a bear raid.  Let's see how the holders of new contracts and short positions fare tomorrow and on Monday. 

Remember that next week begins the August delivery period.

Stand and deliver.
 

SP 500 and NDX Futures Daily Charts - Late Day Stick Save In Light Volumes

All things considered, who is buying this stuff?

Intraday commentary here about the measures that JP Morgan is taking to insulate their Retirement Fund from the 'vagaries of the market.'

"J.P. Morgan Retirement plans to liquidate its entire $2.3 billion hedge fund portfolio, which accounts for about 18% of its $13 billion in assets. The bank's pension is able to make the risk-cutting move. It will also pull back from equities ­because it is that rarest of things: an overfunded pension system, with enough money to cover 117% of its obligations.

Eliminating hedge funds will "immunize" the pension from the vagaries of the market, a source told Hedge Fund Alert.

Is the former head of MF Global still accepting qualified investors for his new hedge fund?

I don't know what it will be called, but I hear its theme song will be Nearer My God to Thee.