11 October 2016

SP 500 and NDX Future Daily Charts - Stock Bubble Spanked By Reality


Stocks sold off today triggered by a wide miss by Alcoa last night as they kicked off the third quarter earnings season.

Other corporate bad news added a bit of fuel to the reversion to reality.

We will be getting the Fed minutes tomorrow which may stir the pot a bit. I do expect them to give it a go for a 'one and done' in December. It has nothing to do with the economy, except to the extent that it is not falling apart, making their policy-needs driven rate increase too embarrassing to justify.

The market is fragile, and looks a bit toppy. But given the central banks and their liquidity life support for it, and the self-absorbed narcissism of the fatuous class, stocks may keep toddling along until 'something happens.'

Have a pleasant evening.

Average Intraday Gold Movement Percentages For September 2016 and 2015






10 October 2016

Gold Daily and Silver Weekly Charts - Tom and Daisy or Lord and Lady Macbeth


“They were careless people, Tom and Daisy — they smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made.”

F. Scott Fitzgerald, The Great Gatsby


"Come, you spirits
That tend on mortal thoughts, unsex me here,
And fill me from the crown to the toe top-full
Of direst cruelty!"

"Stars, hide your fires;
Let not light see my black and deep desires:
The eye wink at the hand; yet let that be,
Which the eye fears, when it is done, to see."

William Shakespeare, Macbeth

Stocks were led higher by expectations of higher oil prices based on some proposed price and production collusion between Russia and Saudi Arabia.

Gold and silver initially rallied, but were bucking a stronger dollar.  The cross trades in FX can be quite strong at times.  Totally divorced from the fundamentals with their eyes closely focused on their own very short term technicals, but that is how it goes.

I did not watch the debate between Lord and Lady Macbeth.   I am so disappointed in all of this self-serving hypocrisy, crude wit, and sly prevarication that is all the fashion among our ruling elite.

Let's see if the precious metal chart formations can sort themselves out after the latest Non-Farm Payroll sequenced smackdown.

The delivery reports were thin to nil.

The warehouse reports were nothing of note, but I did include those for completeness and future reference.

Have a pleasant evening.


SP 500 and NDX Futures Daily Charts - All About Oil


Stocks rallied today on higher oil prices, as Russia and Saudi Arabia said that they *might* agree on some limitations in oil production.

That is not good at all for the real economy, but as we have seen so many times by now, the stock market is no longer tied to the real economy.

It exists in the bubble zone. Along with its denizens, who are living in a world of their own delusions.

Have a pleasant evening.