SP 500 and NDX Futures Daily Charts - Back to Reality ZZZZ

Stocks were mixed with JPM leading the financials and the SP 500 slightly lower with a bit more resilience in tech.

Otherwise a sleepy day as the markets digested yesterdays' FOMC decision 'surprise' and rally.

US Dollar Very Long Term Chart - Coiling

It has been quite while since we have taken a look at the US Dollar Very Long Term Chart.

And with good reason, since it has been moving within a fairly tight range, in a slowly tightening coil. So there will not be much to see until it breaks out of this formation.

And as you can see from the composition of this dollar DX index on the chart, it hardly reflects the new realities in the world today, since it is so heavily weighted to the Euro, the Yen, and the Pound, with no representation at all from the BRICs.

But it has some indicative value in addition to historical value.

Gold Daily and Silver Weekly Charts - You Have To Be In To Win

"But we in it shall be remembered;
We few, we happy few, we band of brothers..."

William Shakespeare, Henry V

As Bill Murphy always says, you have to be in to win.

There is intraday commentary on the Fed decision and the precious metals markets here.

I suspect that you might be able to name a bank or two that may have just done the bearish leaning metals funds like dogs, not to mention the gullible baby bears.

In case you have already forgotten, here is the setup in pictures.  And we are not done with it yet.  There is a long road ahead for this generational bull market in precious metals.  Most traders always miss the really big moves because they are too busy chasing after coins in traffic.

Have you remembered to send a message to your representatives to ask for an investigation of the whistleblowers who are said to have come forward with evidence of market manipulation, and of the shocking lack of response from the CFTC?

Next week is an option expiration on the COMEX.   Markets do not reform themselves, and manipulation swings both ways.

It appears that a right shoulder has been set, and overhead resistance was punched through with some authority, but still the neckline remains to confirm. 

But for now, enjoy what you may have gained.

Have a pleasant evening.

“Each time a man stands up for an ideal, or acts to improve the lot of others, or strikes out against injustice, he sends forth a tiny ripple of hope, and those ripples build a current which can sweep down the mightiest walls of oppression and resistance.”

Robert F. Kennedy

SP 500 and NDX Futures Daily Charts - The Fed Blinks

The Fed did not even make a token taper as they thought they might, given that the market was giving them a 'freebie' to break the ice at least.

That they did not speaks volumes about the true state of the US economy. I think the taper is off the table for this year, unless they do a token taper in December.

Bernanke will leave the hard job of the great unwind to his successor.