SP 500 and NDX Futures Daily Charts - Just Another Day in the Hood with the Hoods

There was a lot of back and forth around key resistance today. I suspect that the wiseguys are waiting for some additional punters to take positions before they flip the switch, unless something untoward happens in the great world of reality.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Option Expiry Tomorrow - Remembering Baghdad Bob

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

There was intraday commentary on the Mad Tea Party at the Comex.

Gold has broken out of the short term downtrend, but has yet to take out the big overhead resistance on the chart below marked in red.  

We have the smaller inverse head and shoulders working with a target that will activate the larger inverse head and shoulder, which forms the right portion of a huge 'W' double bottom.

So what does all that mean?    Follow through to the upside is everything at this point.  The wiseguys still have the whip hand on the Comex.

And the Comex is still playing a role in setting the price of the precious metals at least in the West.

The shorts are not quite on the run yet, and we may have to face some difficulties during the non-active delivery month of March.  

The Baghdad Bob's of the gold cartel are still out there talking their gloom and doom for the metals, and triumphantly asserting their demise.

But so far, so good.   Let's see what happens.

Have a pleasant evening.

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.