Stocks and Precious Metals Charts - Destroyer of Markets - Audacious Oligarchy

“A lie that is half-truth is the darkest of all lies.”

Alfred Lord Tennyson


“Pay no attention to the man behind the curtain!”

Noel Langley, The Wizard of Oz, screenplay


"I know nothing that I may say can influence you. You have no souls to be influenced. You are spineless, flaccid things. You pompously call yourselves Republicans and Democrats.  You are lick-spittlers and panderers, the creatures of the Plutocracy."

Jack London, The Iron Heel


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

C. S. Lewis

Stocks bounced today.

This was somewhat expected as noted yesterday. Their declines had reached the fibonacci retracements for a correction.

Gold and silver also had healthy bounces today.

Gold is a trading range.

Silver is in an intermediate consolidation pattern.

The Dollar laid off a bit from its recent gains.

Donholio continues to harm his chances for the next election by boasting or otherwise revealing things that he did.    In this latest he confessed, over a recorded phone call, to Bob Woodward that he had purposely downplayed the virulence and threat of the coronavirus pandemic.

This will be excused, or simply be ignored, by the true believers and kindred souls. And as always, those who cannot recall, or could not have known.

"And we can carry on the practice of charity and prayers in our daily lives, in the little things, if we can take the first step when called. It is that first step, away from the path of selfishness and death, and into the arms of love and true life, that is the key.  The first step out of the darkness and into the light is the hardest.  But once there, in that loving and hospitable place, our true home for which we were made, we find comfort and place, and pray that we may never leave."     Jesse, April 2014 

Repentance, forgiveness, thankfulness.

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

Have a pleasant evening.

Stocks and Precious Metals Charts - The Fed Is On the Case

The banks were central to the scheme from the inception as they spent years and many hundreds of millions of dollars to overturn Glass-Steagall to allow this coup de grâce to be delivered to all holders of US dollars.

PBS Frontline: The Long Demise of Glass-Steagall


"The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not."

John Kenneth Galbraith


"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"

Brooksley Born, PBS Frontline, The Warning

Stocks took a dive into the open,and despite some hopeful dip-buying, closed off near the lows into the close.

Gold and silver were hit hard but recovered, and unlike stocks managed to hold on.

The dollar rallied, and the VIX rose.

It is hard to tell, but it seems as though stocks have declined all that they will IF this is just a correction.

So some day this week we might expect to see a rally. And that will set up a classically risky September scenario for bubbles that I call 'the rally that fails.'

I include a chart below that shows this for the reference years of 1929 and 1987.  It also worked for 2008.

Have a pleasant evening.

Stocks and Precious Metals Report - Carnival of Deceit - I See It Coming

"They [moneyed interests] are ruthlessly going forward to eliminate land, labour, entrepreneurial-managerial skills, and everything else the economists once told us were the chief elements of production. The only element of production they are concerned with is the one they can control: capital."

Carroll Quigley, The State of the Individual


"The money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive. The [first world] war has taught them the possibilities of propaganda; it has accustomed them to the idea of enormous campaigns which sway the minds of millions and make them pliable to any purpose."

Upton Sinclair, The Brass Check


"Always fight for progress and reform, never tolerate injustice or corruption, always fight demagogues of all parties, never belong to any party, always oppose privileged classes and public plunderers, never lack sympathy with the poor, always remain devoted to the public welfare, never be satisfied with merely printing news, always be drastically independent, never be afraid to attack wrong, whether by predatory plutocracy or predatory poverty.”

Joseph Pulitzer, Retirement address


“Abashed, the devil stood, and felt how awful goodness is, and saw Virtue in her shape how lovely: and pined his loss.”

John Milton, Paradise Lost


"Jim, lad, there be consequences an' then there be consequences. Devil take 'em all, says I, and pass aft the rum."

Robert Louis Stevenson, Treasure Island

The Jobs Report came in a little light this morning, despite a determined effort to adjust it upwards.

The solution was to pretend that it didn't, and focus on other, more pliable numbers like the short term unemployment rate.

Despite this stocks sold off rather hard, hitting deep into the Fibonacci retracements.  I am still struggling a bit in placing them, given the distortions of the markets.  More data may clarify them.

But again, the solution was to wait until the rest of the world went home for the evening, and the markets became quiet, and try to paint the tape positive.

M2 is running at 23% growth, year-over-year.

Distorting and distracting has become the method to their madness.

This is like a bad remake of the Dot.com bubble and crash, with lower morals and pervasive effects.

I see it coming. I do not know yet when it will arrive in force. But we are on our way, with a will to it.

The US markets will be closed on Monday for the Labor Day Holiday.

Have a pleasant weekend.

Stocks and Precious Metals Charts - Children of the Night, What Music They Make - Jobs Report Tomorrow

"It would be rash indeed to discount the terrifying roster of distinguished men whom totalitarianism can count among its sympathizers, fellow-travelers, and inscribed party members."

Hannah Arendt, Origins of Totalitarianism


"This elite-generated social control maintains the status quo because the status quo benefits and validates those who created and sit atop it.  People rise to prominence when they parrot the orthodoxy rather than critically analyze it. Intellectual regurgitation is prized over independent thought.

Real change in politics or society cannot occur under the orthodoxy because if it did, it would threaten the legitimacy of the professional class and all of the systems that helped them achieve their status."

Kristine Mattis, The Cult of the Professional Class


“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

Upton Sinclair


"The most important problem in the world today is your soul, for that is what the struggle is all about."

Fulton J. Sheen

As I noted last night, 'There appears to be some divergence in the relative perceptions of market risk.'

The tide was already receding a bit noticeably as the pros and insiders continued to take measure to lock down their gains.

And so today there was a small break in the market, led downwards by the 'story stocks' and megacaps.

The VIX got some legs higher.

But the Dollar, gold and silver all sold off a bit.

This might have been due to some liquidation of assets to meet other demands, like margin calls and gaps in the old account.

Or just as likely it was shenanigans on the eve of the Jobs Report out tomorrow.  

The inventory of physical gold in the Comex Hong Kong warehouses remains remarkably thin.

There will be no sustainable recovery, until meaningful reform occurs.

Have a pleasant evening.