Stocks and Precious Metals Charts - Chug-a-Lug - Hi-de-ho, Wall Street Does a Double Back Flip

Uncle Jay and his Monetary Moonshine

"The Federal Reserve, as one writer put it after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.”

William McChesney Martin, Speech to Investment Bankers Association of New York, October 1955


"We're not even thinking about thinking about the consequences of our actions."

Jerome Powell, Chairman, Federal Reserve


"Jukebox and sawdust floor
Sumpin' like I ain't never seen
And I'm just going on fifteen
But with the help of my finaglin' uncle I get snuck in
For my first taste of sin
I said "Lemme have a big old sip"
Brrrrr-bbbb, done a double back flip

Chug-a-lug, chug-a-lug
Make you want to holler hi-de-ho
Burns your tummy, don'tcha know
Chug-a-lug, chug-a-lug."

Roger Miller, Chug-a-lug

The spokesmodels were gushing with excitement as the SP500 snugged its beer goggles and managed to reach its pre-crash high.

The NDX is already in some alternate universe.

Thanks for the hot money for the recovery, Uncle Jay.

Great success.

Gold and silver responded to the call, as the Dollar continued to slide lower.

The commentary about the precious metals on financial TV is so shallow and badly informed that I think the metals may have quite a bit further to go.

The time to sell will be when even the most purblind Wall Street lounge lizards 'get it.'

Stock market will have its August stock option expiration on Friday.

Chug-a-lug, chug-a-lug.

Have a pleasant evening.

Stocks and Precious Metals Charts - Just Another Sleepy Monday in Summer

“Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and creates a country where everyone lives in fear."

Harry S. Truman, August 8, 1950


“There are more instances of the abridgment of the freedom of the people by gradual and silent encroachments of those in power than by violent and sudden usurpations.”

James Madison


"Congress and the Senate were empty pretences, farces. Public questions were gravely debated and passed upon according to the old forms, while in reality all that was done was to give the stamp of constitutional procedure to the mandates of the Oligarchy."

Jack London, The Iron Heel


“I may not agree with you, but I will defend to the death your right to make an ass of yourself”.

Oscar Wilde

Stocks drifted higher on very light, non-committal algorithmic trading.

Gold and silver gained back some of the smackdown from last week.

The Dollar broke 93 and went out on the lows of the day.

The economy continues to bifurcate on Fed subsidies to the moneyed interests, lacking in all vitality and organic grow as demonstrated by the velocity of money.

There will be a stock market option expiration this week. Maybe this will liven things up.

I am trading very little now in this quiet market. I've made my money for the year, and then some.

I don't want boredom to cause me to give any portion of it back.

I remember one time waiting in a casino for someone that cost me about a thousand dollars. lol

Get right and sit tight.

The stock market is going to correct, and probably quite hard.

It may not happen until the fall, closer to the election or shortly thereafter.

The oligarchy is audacious. And shameless.

Have a pleasant evening.

Stocks and Precious Metals Charts - Lazy Days of Summer

The markets were ranging again in a listless sort of way, finishing almost unchanged.

Low volumes and lack of interest.

It must be a Friday in mid-August.

While there was some excitement promoted by the spokesmodels for this morning's retail numbers, the story behind the numbers continued to be lackluster and weighed upon by the ongoing pandemic.

Have a pleasant weekend.

Stocks and Precious Metals Chart - Then the Flood Came - Fed Underpins Global Financial Assets

“The mob believes everything it is told, provided only that it be repeated over and over.  Provided too that its passions, hatreds, fears are catered to.   The grosser, the bigger, the cruder the lie, the more readily is it believed and followed.   The mob has no memory; no need to pretend to any truth: the mob is radically incapable of perceiving the truth: the mob can never comprehend that its own interests are what is at stake.”

Alexandre Koyré, Réflexions sur le Mensonge, January 1943


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

Simone Weil


“Each day we are becoming a creature of splendid glory, or one of unthinkable horror.”

C. S. Lewis

Stocks tried to reach a new high note again today, but fell back as the wanton disregard for risk failed to sustain the punters, and draw in more innocents to take the handoff of overpriced financial assets at the top.

Gold and silver continued to rebound after the calculated and fairly blatant price smackdown.

Even the spokesmodels took note of silver's impressive rebound.

The dollar has drifted sideways.

And because of the increase in wickedness, the love of most will grow cold.

Have a pleasant evening.