SP 500 and NDX Futures Daily Charts - Lowest Volume August In Ten Years

The trading has been almost entirely technical today with the momentum traders following algos around the track.

I suspect most of the adults are on their summer vacation this week.

FOMC minutes is the highlight of the economic news on Wednesday.

Gold Daily and Silver Weekly Charts - Excelsior

"He who sells what isn't his'n
Must buy it back, or go to prison."

Daniel Drew

Another up day for the metals, with silver once again leading the charge.

There was an early morning 'dipsy-doodle' just to keep the day traders from banging their F12 buttons too steadily.

Now it gets really interesting with the first level of resistance cleared, and the tougher resistance that marks a serious breakout level overhead.

That 'slanted W' bottom formation is working overtime now, and is targeting higher price levels.  The action over the next week or so will shape the greater formation and tell us how high is high at least on this leg of the move. 

I am loosely forecasting gold to hit $2500 over the next 12 months, but that depends on such large exogenous variables that the forecast is highly tentative for now.   

If and when gold cracks that old support from its range traded days will show us how far it can go on this leg of the bull.  I would not like to see it happen too quickly, and probably won't be disappointed unless 'something happens.'

Silver is getting a little short term overbought, which for silver often means nothing.  Silver is a rocket when it gets going.

Only ten more business days until the end of the August delivery period.   

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Let Freedom Wane

"Pride, envy, and avarice are the three sparks that have set these hearts on fire."

Dante Alighieri

A weak day with the Michigan Consumer Sentiment setting the tone.

Next week is a light economic data week, with the release of the latest FOMC minutes on Wednesday as the highlight.

I am looking at the bottom of the trading channel on the SP 500 for support. It may take a little while to get there. Unless that breaks decisively I am not overly concerned. Until then this is just the wash and rinse, monkey business as usual.

If you have not had the opportunity try listening to the Thomas Drake video at the National Press Club. The actual speech is only about 22 minutes long, and the rest of the time is spent answering audience questions, which is also very interesting as well especially considering the audience is largely made up of reporters.

NAV Premiums of Certain Precious Metal Trusts and Funds

Premiums and the gold/silver ratio are reverting to a more usual situation, but still have some ways to go.