SP 500 and NDX Futures Daily Charts - Tales of the Randy Rich

Stocks marked time today with some technical intramurals that shoved the price around a bit, trying to skin a few specs.

The markets are not quite sure to do ahead of the US budget showdown. We might see some volatility associated with this unless the adults can rein in the feral congressmen.

I see where a professorial devotee of Ayn Rand suggest that the 99% 'owe a debt of gratitude' to the wealthiest few.

If reforms are not enacted and a progressive movement does not save capitalism from itself once again it is hard to tell where things will go. 

On Bloomberg TV today the complaints of the Brazilian president about US spying on her country and official activities was dismissed as a meaningless 'tantrum.'   The US has the duty of hegemony to act in ways that may be outside the norm and all that, as a consequence of its exceptionalism.

They'll never learn.

Gold Daily And Silver Weekly Charts - Tomorrow is COMEX Precious Metal Options Expiry

Gold and silver were under modest pressure through the night and today as tomorrow marks the precious metal options expiration on the COMEX. Holders of in the money options will have their bets changed to contract positions tomorrow.

Depending on how that goes we will see a market move designed to test the new holders resolve up or down.

There was no appreciable movement of bullion in or out of the COMEX last Friday. September is not usually a big delivery month. October may provide more action but I think the focus will be on December.

Let's see what happens. I am laying back a bit more now waiting for the price to show us something other than antics. Those who were caught offsides by the FOMC last week have a chance now to square up if they take it.

SP 500 and NDX Futures Daily Charts - VIX Jumps a Bit As Financials Weigh on Stocks

It is hard to tell if this is the debt ceiling uncertainty weighing today on equities or if punters just took their FOMC profits ahead of another uncertain government confrontation. This is a short term oriented market which means light on fundamentals and heavy on the technical trade.

Not much in the way of economic news this week. Stevie Cohen floated an offer of a settlement on criminal charges for insider trading today, with a billion dollar fine being bandied about, a cost of doing business for Steve who is no stranger to billion dollar paydays.

Blackberry (BBRY) finally got an offer for their troubled business which is $4.7 Billion, a premium of 3% over Friday's close.

"BlackBerry said on Monday that it had reached an agreement to be taken private by a group led by Fairfax Financial Holdings.

The company signed a letter of intent that would pay shareholders $9 a share in cash, a deal that values the faltering smartphone maker at about $4.7 billion, according to a press release. Fairfax already owns 10 percent of BlackBerry."

The company has hit the wall, with a legacy set of users accustomed to its face keeping it afloat but barely. I suspect this private equity company will likely carve the company up, and perhaps retain a small portion of it. Or just rip and strip it, to mark the end of an era.

Have a pleasant evening.

Moyers: Inequality For All with Robert Reich

This study of the decline of the middle class and the failure of upward mobility in the US is worth watching.