Gold Daily and Silver Weekly Charts - Flight To Safety

The miners continued to get pounded along with tech momentum stocks as this week turned out badly for equities overall.

Gold is still outperforming silver, and has the taste of a minor 'flight to safety' in the price action.

The Comex warehouses continue to be a foggy snoozer, and stopped contracts are a formidable percentage of the deliverable gold category.

But the Comex is a shell game, and so I am not looking for things to start there, but to perhaps surface there once they start overseas with a break in the physical deliveries chain, despite the continuing assurances from the team of Shill & Troll that it is all in your mind, and that such a thing could never happen.

Have a pleasant weekend.

 

SP 500 and NDX Futures Daily Charts - Lions and Tigers and Bears, Oh My!

The selling this week is being attributed by the pundits to 'tax selling.'

I won't debate that, but I will say that if the selling continues next week it probably is not tax related, but related to overly high valuations and a thorough wash and rinse.

The momentum stocks in tech continued to lead the way down, with JPM contributing something to the Dow Industrials (what an abomination to include JPM in the Dow Industrials) with its miss in the quarterly numbers this morning.

Unemployment claims came in low, but PPI came in a bit hot. But the selling looks more like a game of trader tag more than any reflection of fundamentals getting better or worse.

I own *no* stocks here, but I was giving it some serious thought today, miners-wise. But I decided to wait for next week.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Gold Continues Higher

Gold led the way higher as silver is still stuck around the 20 handle.

It had the feel of a 'flight to safety' as stocks took it on the chin, including the miners.

Let's see what happens. 

 

SP 500 and NDX Futures Daily Charts - The Next Big Move Is the One To Watch

The spec dip buyers must have been piling on yesterday, and after this morning's better than expected unemployment claims number.  Because stocks got clocked, and hard, back down through near support.

It is going to take a another down move with a solid break of 1800 to get my bearish juices flowing, because for now I think that they are just playing.

The algos are just riding around, playing tag with each other, and killing any human beings that happen to wander into the markets.

Have a pleasant evening.