SP 500 and NDX Futures Daily Charts - The Pause that Regresses

Stocks went sideways today on very lackluster trading ahead of the Non-Fulltime Payrolls Report tomorrow.

To paraphrase Charles Dickens' Mr. Brownlow, the Fed is an ass.

Have a pleasant evening.

June Gold: 775,000 Ounces of Gold 'Delivered' On Comex In First Three Days

This is a significant change of pace for the paper heavy Comex.

Although it should be noted that much of the 'delivering' is being done between the house accounts of the big three bullion bankers: HSBC, JPM, and Nova Scotia.

It is also interesting that the registered or 'deliverable' gold held in the warehouses mushroomed to over a million ounces prior to these unusually high deliveries.   Just noting this, vis a vis the jokers who say that the registered gold metric is now unfashionable and irrelevant for any variety of contrived reasons they do not really seem to fully understand.

This is something rather different from the recent norms. Let's see if anything comes of it.

Gold Daily and Silver Weekly Charts - The Lesser of Two Evils - Non Full time Payrolls

"The Party seeks power entirely for its own sake. We are not interested in the good of others; we are interested solely in power, pure power. What pure power means you will understand presently. We are different from the oligarchies of the past in that we know what we are doing...

We know that no one ever seizes power with the intention of relinquishing it. Power is not a means; it is an end."

George Orwell, 1984

There was another rather large set of gold deliveries on the Comex for the new June contract period yesterday.

Non-farm Payrolls (or should that be Non-full time Payrolls) on Friday.

There was intraday commentary titled Gold Cup and Handle Targets 1490 on a Breakout, With Silver Likely To New All Time Highs.

It would not surprise me if this entire election was as well scripted as a professional wrestling event. It certainly has most of the elements of one of those dramas. And the participants are of a comparable depth of character.

Hillary's brand amongst Democrats is that she deserves this election, that it is her turn.   And to independents  the pitch is that she represents the 'lesser of two evils.'

Or at least the less indictable.

That is certainly how one prefers to decide most things. Of these two selections of fish, which is less rotten?

Perhaps we should just have the salad instead.

When, when will we have had enough of this?

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Schools for Scandal - Collaborators par Excellence

“Tale-bearers are as bad as the tale-makers.”

Richard Brinsley Sheridan, The School for Scandal


"Life is a school of probability."

Walter Bagehot

And the Fed is one of the modern schools for scandal. Or at the least, an academy in service to their owners.  This seems to be the dernier cri of our professional class, a mark of status being whom you serve and how well.

Tale-bearers they may claim to be, just doing what needs be done, and at the behest of the powerful few.   They only serve the needs of the money men, and their fellow valets in the credentialed class of whatever needs to be said or done in service to the powerful status quo.

Insiders never speak ill of insiders, and so the public is held stagnant by their comfortably smug complacency.  And this is the heart of the problem, and the credibility trap.

However, their complicity in a long standing series of egregiously self-serving policy errors will be very hard to overlook and forgive when the tails of probability come lashing out again.

Have a pleasant evening