SP 500 and NDX Futures Daily Charts - Swing and a Miss

The wiseguys were pumping equities hard today, reaching for that mythical 1348 new all time high on the cash SP 500.

They had it intraday but could not hang on, and profit taking set in during the afternoon, with the futures chalking up yet another failed attempt to breach that overhead resistance.

I am sure they will give it a few more tries. It is not hard to get it there given the dominance of high speed day trading in this market, and lack of substantial investing, which implies a buy and hold approach based on some sort of fundamentals.

Let's see what happens. Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds - The Mad Tea Party

"The table was a large one, but the three were all crowded together at one corner of it: `No room! No room!' they cried out when they saw Alice coming.

`There's plenty of room!' said Alice indignantly, and she sat down in a large arm-chair at one end of the table.

`Have some wine,' the March Hare said in an encouraging tone.

Alice looked all round the table, but there was nothing on it but tea. `I don't see any wine,' she remarked.

`There isn't any,' said the March Hare.

`Then it wasn't very civil of you to offer it,' said Alice angrily."

Lewis Carroll, Alice's Adventures in Wonderland

The Comex reminds me of the Mad Tea Party, with the LBMA not all that far behind it. 

As for GLD and its like, when the tea pot gets tipped, let's see what comes out.

As a reminder, tomorrow is the March option expiration for precious metals at the Comex.

The SP 500 is running the stops to a new all time high.  One has to wonder what the Fed and the ruling class are thinking.  

Well,  if you don't know where you are going, any road can take you there.

Death By Metadata: Greenwald and Scahill with Amy Goodman

Bill Moyers: Deep State Hiding In Plain Sight

"Yes, there is another government concealed behind the one that is visible at either end of Pennsylvania Avenue, a hybrid entity of public and private institutions ruling the country according to consistent patterns in season and out, connected to, but only intermittently controlled by, the visible state whose leaders we choose.

My analysis of this phenomenon is not an exposé of a secret, conspiratorial cabal; the state within a state is hiding mostly in plain sight, and its operators mainly act in the light of day. Nor can this other government be accurately termed an 'establishment.'

All complex societies have an establishment, a social network committed to its own enrichment and perpetuation. In terms of its scope, financial resources and sheer global reach, the American hybrid state, the Deep State, is in a class by itself. That said, it is neither omniscient nor invincible. The institution is not so much sinister (although it has highly sinister aspects) as it is relentlessly well entrenched.

Far from being invincible, its failures, such as those in Iraq, Afghanistan and Libya, are routine enough that it is only the Deep State’s protectiveness towards its higher-ranking personnel that allows them to escape the consequences of their frequent ineptitude."

Mike Lofgren, Anatomy of the Deep State

"Rome lived upon its principal till ruin stared it in the face. Industry is the only true source of wealth, and there was no industry in Rome. By day the Ostia road was crowded with carts and muleteers, carrying to the great city the silks and spices of the East, the marble of Asia Minor, the timber of the Atlas, the grain of Africa and Egypt; and the carts brought out nothing but loads of dung. That was their return cargo."

Winwood Reade, The Martyrdom of Man