SP 500 and NDX Futures Daily Charts - Holding Their Breath

Stocks were in a bit of a chop in edgy trading with eyes on the US non-farm payrolls report tomorrow.

Traders want to see if a good number will give the Fed cover to start making noise about raising rates at least another 25 bp this year.

As a reminder, the Fed wishes to raise rates to get off ZIRP far enough to have the latitude to cut rates later next year when their latest asset bubble starts to implodes in the continuing cycle of bubble-nomics.

Have a pleasant evening.

Relentless: Shanghai 138.5 Tonnes of Gold Withdrawn In June

"Three things cannot be long hidden: the sun, the moon, and the truth."

Buddha

There were 138.5 tonnes of gold taken from the Shanghai Gold Exchange in June.

This brings the first half of 2016 withdrawals to 973 tonnes.

Koos Jansen has written a very informative article with some interesting charts about these new Chinese gold demand numbers here.

He also examines an incorrect set of data about this from Nomura.

As a reminder, the US will be releasing its Non-Farm Payrolls Report For June tomorrow.

These charts are from Nick Laird at goldchartsrus.com.

Gold Daily and Silver Weekly Charts - PMs Looking Good With Peak Bonds and Dodgy Stocks

Gold was booming this morning, but as stocks turned around in a short squeeze gold gave back some of its early gains but still finished higher for the day, and a new high for the year.

I was out from late morning to late afternoon and so I missed the comments on the Fed minutes.  No great loss.

The warehouses were quiet yesterday.

Non-Farm payrolls on Friday.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Big Healthcare and Short Squeeze

Stocks sold off in Europe, and were selling off in the US in the early hours.

And then stocks turned around. I have heard several reasons for this. I think the most compelling is that the turnaround was led by the 'most shorted stocks.'

Healthcare sector picked up the ball and provided leadership to the upside after the initial short squeezing was dissipating.

Non-Farm Payrolls on Friday.

Have a pleasant evening.