Stocks and Precious Metals Charts - The Crazy Train Has Left the Station

"Has he lost his mind?
Can he see or is he blind?
Now the time is here
for Iron Man to spread fear."

Ozzy Osbourne, Iron Man


"As everything in what used to be called creation becomes a commodity, human beings begin to look at one another, and at themselves, in a funny way, and they see price tags. There was a time when people spoke, at least occasionally, of 'inherent worth'— if not of things, then at least of persons."

Harvey Cox, The Market as God


“Evil when we are in its power is not felt as evil, but as a necessity, or even a duty."

Simone Weil


"Thou shalt not sacrifice any of your children to the fires of Moloch, and thereby profane the name of your Lord, who is God."

Leviticus 18:21

Stocks were on a tear higher today after the 'better than expected' US Non-Farm Payrolls report.

Gold and silver withstood the early gut check on the longs, and turned around and headed higher.

I think time is going to tell an interesting story about the quality of the economic data coming from this Administration.

And so the fabulous tech giants reached a new all time high, before retreating a bit in to the close.

The broader market continue to show a striking lack of confirmation.

The SP 500 once again closed below the 'failed rally' resistance level on the futures at 3130.

US Markets will be closed tomorrow in observance of the 4^th of the July.

The rest of the world will have to carry on without them.  Might I suggest buying physical gold and silver, in advance of the financial asset carnage that is almost certainly baked into the economic cake?

We are into the peak of the hysteria which we have been describing.  The next few months ought to be quite interesting.

People like to read sites that jolt them, that give them something gloomy and false to wallow in with their sick despair.

This is the result of our indulgent, perverse selfishness.

Need little, want less, love more.  For those who abide in love abide in God, and God in them.

Or not.   It's your choice.

Have a pleasant weekend.

Stocks and Precious Metals Charts - A New Era Tech Bubble - Non-Farm Payrolls Report Tomorrow

"Nemesis, the goddess of retribution and vengeance, the punisher of pride and hubris, waits impatiently for her meeting with us."

Chalmers Johnson


"This is the contempt in which they hold the majority of American people and the political process: the common people are easily led fools, and everyone else who is smart enough to know better has their price. And they would beggar every middle class voter in the US before they will voluntarily give up one dime of their ill gotten gains."

Simon Johnson, The Quiet Coup, May 2009


“Nearly all vices are rooted in the future. Gratitude looks to the past and love to the present; fear, avarice, lust and ambition look ahead.”

C.S. Lewis, The Screwtape Letters


"When he came to the other side, to the territory of the Gadarenes, two demoniacs who were coming from the tombs met him. They were so savage that no one could travel by that road.  They cried out, 'What have you to do with us, Son of God?  Have you come here to torment us before the appointed time?'  Some distance away a herd of many swine was feeding.  The demons pleaded with him, 'If you drive us out, send us into the herd of swine.'  And he said to them, 'Go then!'  They came out and entered the swine, and the whole herd rushed down the steep bank into the sea, and was drowned."

Matthew 8:28-32

It was a 'risk on' day to kick off the third quarter.

Stocks rose higher, clearly led by the big cap tech stocks, as intraday the NDX set another all time high.

Lagging were the SP 500 and the broader Russell 2000.

This is another new era tech stock bubble.

Gold and silver took a serious hit, not all that uncommon the day before a Non-Farm Payrolls report.

The Dollar edged lower.

The FOMC minutes suggest that the Fed will be buying bonds at non-market prices for many years.

This could be a test of the Malignant Monetary Theory.

As a reminder this will be a holiday-shortened week, with Friday observed for the 4^th of July this weekend.

Justice is coming.

Have a pleasant evening.

Stocks and Precious Metals Charts - Hey Bartender! - Draw a One, Draw a Two, Draw a Three More Glasses of Beer

“A mighty bubble of wealth is blown before our eyes, as empty, as transient, as contradictory to the laws of solid material, as confuted by every circumstance of actual condition, as any other bubble which man or child ever blew before.”

Edward Chancellor, Devil Take the Hindmost


"They run all away, and cry, 'the devil take the hindmost'."

Beaumont and Fletcher, Philaster, or Love Lies a-Bleeding


"While everyone enjoys an economic party the long-term costs of a bubble to the economy and society are potentially great. They include a reduction in the long-term saving rate, a seemingly random distribution of wealth, and the diversion of financial human capital into the acquisition of wealth.

As in the United States in the late 1920s and Japan in the late 1980s, the case for a central bank ultimately to burst that bubble becomes overwhelming. I think it is far better that we do so while the bubble still resembles surface froth and before the bubble carries the economy to stratospheric heights. Whenever we do it, it is going to be painful, however.”

Larry Lindsey, Federal Reserve Governor, September 24, 1996 FOMC Minutes

They know exactly what they are doing by now.

They will go ahead and play dumb and act bewildered when it blows up.

All things considered, they simply don't seem to care.

Stocks closed the end of the second quarter with a bang.

What a surprise.

The paint was barely dry on the tape when stocks managed to keep going higher, led by the usual new era suspects in the tech field.

Gold and silver popped higher as well, with gold finishing around 1799.

Gold has already broken out, but 1800 remains as a 'psychological round number resistance.'

Silver needs to take out 19 and hold it for its own breakout.

I figured that they would let the metals run a bit today, since the markups on their short positions already hit the books.

And so I came in with a levered silver position. Thank you thieves.

The big tickle today was the housing prices number.

Meaningless.

Have a pleasant evening.

Stocks and Precious Metals Charts - Cui Bono? - The Worst Is Yet To Come

"Beware the leaven of the Pharisees, which is a pious, hollow hypocrisy."

Luke 12:1


"And such, I say, is the religion of the natural man in every age and place;—often very beautiful on the surface, but worthless in God's sight; good, as far as it goes, but worthless and hopeless, because it does not go further, because it is based on self-sufficiency, and results in self-satisfaction.

I grant, it may be beautiful to look at, as in the instance of the young ruler whom our Lord looked at and loved, yet sent away sad; it may have all the delicacy, the amiableness, the tenderness, the religious sentiment, the kindness, which is actually seen in many in a refined and polished age like this; but still it is rejected by the heart-searching God, because all such persons walk by their own light,  and because they pace round and round in the small circle of their own thoughts and of their own judgments, careless to know what God says to them, and fearless of being condemned by Him, if only they stand approved in their own sight."

John Henry Newman


"The New Atheists (and most ideologues - J) embrace a belief system as intolerant, chauvinistic and bigoted as that of religious fundamentalists. They propose a route to collective salvation and the moral advancement of the human species through science and reason.

Those who believe in the possibility of this perfection often call for the silencing or eradication of human beings who are impediments to human progress. They turn their particular good into a universal good. They are blind to their own corruption and capacity for evil. They soon commit evil, not for evil's sake but to make a better world.

Reigns of terror are thus the bastard child of the Enlightenment. Terror in the name of utopian ideals would rise again and again in the coming centuries. The danger is the human heart—the capacity we all have for evil. All human institutions with a lust for power give their utopian visions divine sanction.”

Chris Hedges


"People of privilege will always risk their complete destruction rather than surrender any material part of their advantage. Intellectual myopia, often called stupidity, is no doubt a reason. But the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-given right."

John Kenneth Galbraith


"Those among the rich who are not, in the rigorous sense, damned, can understand poverty, because they are poor themselves, after a fashion; they cannot understand destitution. Capable of giving alms, perhaps, but incapable of stripping themselves bare, they will be moved, to the sound of beautiful music, at Jesus’s sufferings, but His Cross, the reality of His Cross, will horrify them. They want it all out of gold, bathed in light, costly and of little weight; pleasant to see, hanging from a woman’s beautiful throat."

Léon Bloy

The way that the stock markets shot higher in the last hour of trading, largely on hot money momentum buying, would make you think that tomorrow is something significant to the wise guys financials, like the end of quarter or something.

Oh yea, it is.

Supposedly the big tickle today was the 'better than expecting' number in pending home sales.

There is an even more impressive number in pending evictions.

Let's see we end tomorrow.

The WHO said that with regard to the pandemic, 'the worst is yet to come.'

That goes double for its economic impacts.

As a reminder this is a holiday-shortened week for trading in the States, compliments of the 4^th of July.

It was just baking hot here today, with no breeze and high humidity. Nice.

I proofread a lengthy journal paper for the young man that took a couple of hours. It gave me an excuse to not work outside.

Serve whom you will.  But know who it is that you serve.  For the wages of sin are death.

Have a pleasant evening.