SP 500 and NDX Futures Daily Charts - Wash and Rinse

I think this is where they dump the dogs ahead of the end of quarter tape painting, but let's see.

This is a dicey market.

 

Houseless

“If you judge people, you have no time to love them...

If you can't feed a hundred people, the feed just one.”

Mother Teresa

Here are the words that I hope none of us ever will hear. And the real loss, the pity, is that some will. 

‘Depart from Me, accursed. For I was hungry and you gave Me no food, I was thirsty and you gave Me no drink, I was a stranger and you did not welcome me, naked and you did not clothe, sick and imprisoned and you did not care for me.’ And they will answer, ‘Lord, when was it that we saw You hungry or thirsty or a stranger or naked or sick or in prison, and did not care for You?’ And He will answer, ‘Truly I tell you, when you did not do it for one of the least of these, you did not do it for Me.’

Gold Daily and Silver Weekly Charts - Option Expiration Tomorrow

There was some cursory movement of bullion out of the Comex warehouses yesterday, but in general they are reasonably well equipped ahead of the April active contract period which begins next Monday with first notice.

As you know there is a precious metals option expiry for the April contract tomorrow.  We may consider the gut check already delivered for it ahead of time perhaps, but there is still the off chance of another hit in the quiet periods tonight and the day after tomorrow.

I have included a chart of the gold price in dollars with a few technical because we finally saw the 50 DMA climb over the 200 DMA.  That is known as the 'golden cross.'   It would be more meaningful if it was occurring on substantial volumes.

I am not such a big believer in technical measures except at their extremes in an inefficient market that is being managed to certain ends.   But it is worth noting at least. 

The delivery calendar is more important, and not so much even that for New York and London.  The real markets for precious metals are now in the Mideast and Asia.

Time settles all accounts.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Hope Floats, and Apparently So Do Stocks Into Quarter End

As a reminder we are coming into the end of the first quarter of the year on Monday next, and that should be a prompt for those trying to understand this stock market action, which seems amazingly resilient.

Desperate men and women do desperate things. And to the extent that their 'good fortune' has been excessive and largely unwarranted, so their ability to rationalize even the previously most unthinkable things becomes increasingly possible, and in the end, almost commonplace and compelling, at least to them. There may be no better contemporary showcases for this than Washington and London, although Brussels is certainly in contention.

Have a pleasant evening.