Stocks and Precious Metals Charts - Bounce Off Support - Another Shenanigans Packed Comex Option Expiration

 

"The only function of economic forecasting is to make astrology look respectable.”

John Kenneth Galbraith

 

Just another day in the hood with the hoods.

Stocks and precious metals bounced off support today.

I managed to buy the metals with leverage and play the bounce for a day.  

This lends some credence to the thought that this might just be a correction in a short term overbought condition.

Along with some of the usual insider shenanigans, as they seek to clip the speculators and average investors.

However, we *might* see another gut check tomorrow, especially in gold as the in the money call options are converted to active futures contracts.

So let's see what happens, and let the market tell us which of several scenarios may be correct.

Have a pleasant evening.

Stocks and Precious Metals Charts - Oh the Bovinity! - Comex Option Expiration Tomorrow

"The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%.  While not officially a Fibonacci ratio, 50% is also used. T he indicator is useful because it can be drawn between any two significant price points, such as a high and a low.  The indicator will then create the levels between those two points."

Investopedia

 

Stocks were beaten down today, taking out all of yesterday's bounce and then some. 

The PP500 has now retraced 61.8% of its most recent rally upleg. 

The big cap techs in the NDX have tested that level but finished well above it. 

Interestingly enough, gold closed around its own 61.8% retracement level today. 

There is nothing magical about these retracement levels.  And the same goes for cycles and waves, moving averages and all the rest of it..

They just tools that allow us to have some perspective about where we are.

I definitely closed out my stock short potion too early today.  Oh well.

The dollar continued to gain, finishing above the 94 handle. 

Silver just got beaten with an ugly stick. I have cautioned about the two-edged sword of silver volatility many times before. 

Tomorrow is the option expiration for the October gold contract on the Comex.

I am sure this recent price action has freed up quite a bit of gold from the big ETFs.  Some of itmight even be physical and unencumbered.

 Have a pleasant evening. 

 

Stocks and Precious Metals Charts - Autumn in New York - Comex Option Expiration on Thursday 24th

 

"Go and learn the meaning of the Scripture: ‘I desire that you show mercy, not offer sacrifices.’  For I have come to call not those who think they are righteous, but those who know that they are sinners.” 

Matthew 9:13 

 

"My son, you are always with me, and all that I have is yours.  But it is right that we should make merry and be glad, for your brother was dead and is alive again.  He was lost, and now he is found.’ ” 

Luke 15:31-32

 

Stocks were in rally mode today, led higher by the big cap techs. 

Like a dog returns to its vomit, so a fool returns to his folly. 

The dollar rallied, and gold and silver were off. 

There will be a Comex metals expiration for the October contracts on Thursday. 

Like the recovery, the strength in the equity markets are an illusion, puffed up with easy money and illicit behaviour. 

But, as they say, it is what it is. 

More important, and more to our own control, is that we do not harden our hearts, or allow our own love for others and His gifts to grow cold.

Today was another glorious early autumn day. 

Have a pleasant evening.

Stocks and Precious Metals Charts - Comex Option Expiration Antics - The Calling of Matthew

 

Stocks were hit by selling in the overnight futures, and that carried into today's cash session in New York.

Gold and silver were also hit hard as well, silver particularly hard. 

After a difficult morning session, the bulls took heart and found the traction to buy the big cap techs, once again, driving the NDX to finish in the green.

The SP gained back some ground but was weighed down by the Banks.  It appears that the Street and Regulators were shocked, shocked! -- to find out the Banks are still laundering trillions in dirty money.

What a surprise.   Serial felons are doing illegal but highly profitable transactions for which the punishments, if you can call them that, do not nearly match the crimes.

Gold gained back quite a bit, and has a pattern that might be seen as similar to a previous gut check down out of the trading range, which preceded a sharp rally to a new high.

Well, we will just have to wait and see how things unfold.

The physical gold inventories in Hong Kong remain remarkably light.

It got well down into the 30's here last night.   It should warm up for the rest of the week.

We spent a good time tilling the soil in the back for a bigger garden next Spring.

We will observe the first day of Autumn, and the Comex option expiration on the 24th.

Winter is coming.

Pray for the three great gifts: repentance, forgiveness, thankfulness.

Have a pleasant evening.