SP 500 and NDX Futures Daily Charts - Complacency Reigns

Another day, another weak jobs report, another scandal in which Banks are discovered to be fixing a key rate to cheat the people, this time through interest rate swaps.

When will it end?

NAV Premiums of Certain Precious Metals Trusts and Funds - Banks Rigging Derivatives

It appears that the overnight hit on the metals for Payrolls Friday got stuffed pretty handily when the jobs number came in light.

Silver is still up although gold has been pressed back a bit.

The CFTC is investigating fifteen of the biggest banks on evidence handed to them that they were rigging a key derivative for interest rates.

"ISDAfix is published each morning after banks submit bids for swaps via Icap, the inter-dealer broker, in a number of currencies. The CFTC has been investigating suggestions that the banks deliberately moved the rate in order to profit on these deals.

Given the hundreds of trillions of dollars worth of interest rate derivatives trades that occur annually, even the slightest manipulation can have a substantial effect.

The CFTC, which started to investigate ISDAfix after last summer’s Libor scandal has now been handed emails and phone call recordings that show the rate was deliberately moved..."

When crime pays, why wonder that it flourishes? And they have little fear, and no shame.

Gold Daily and Silver Weekly Charts - The Day Before the Non-Farm Payrolls Report

The metals were capped lower today as stocks went running higher. Gold was hit a bit harder than silver.

The August delivery period now begins.

Stand and deliver.

SP 500 and NDX Futures Daily Charts - A Record Close on the SP 500

A better than expected on manufacturing in the ISM Index and a lighter than expected number of new unemployment claims had the bulls stampeding higher to a new record close on the SP 500.

Tomorrow is the Non-Farm Payrolls report.

Traders believe now that the Fed will keep printing money while inflation remains subdued.  Or at least that is the word for today.