Stocks and Precious Metals Charts - I Am a Camera

 

"The inability to identify with others was unquestionably the most important psychological condition for the fact that something like Auschwitz could have occurred in the midst of more or less civilized and innocent people." 

Theodor Adorno 

 

"I am a camera, with its shutter open.  Someday, all of this will be developed, printed, fixed."

Christopher Isherwood

 

"I urge you, brothers and sisters, to be wary of those who cause divisions and undermine the faithful, in opposition to the teaching that you have learned.  Shun them.  For such people do not serve our Lord, but their own appetites.  And by clever words and flattery they deceive the hearts of the innocent and naive."

Romans 16:17-18 

 

It was a surprisingly volatile day in the stock markets, as equities came off their overnight lows, rallied strong through unchanged to lofty highs, but then, alas, faded back towards much more modest gains in the afternoon.

It was a big pop and unproductive flop.  

Note the action on the charts, how it ranged between the two Fibonacci retracement levels.

Gold and silver were also volatile, but both finished lower.  Silver more markedly so.

And so it was too with the Dollar, which had a nother ranging day, but finished slightly lower.

Lacking other guidance and direction, the markets may look to the Non-Farm Payrolls report. 

Although we ought to be mindful that behind the short term headline number will be looming job losses as the stimulaus programs run out, and large corporations release many thousands of employees.

Have a pleasant evening.

Stocks and Precious Metals Charts - And They All Fall Down - Non-Farm Payrolls on Friday

"There was war in heaven.   Michael and the angels fought against the dragon.  The dragon fought back, but he did not have the power, and so lost his place in heaven.  The great dragon was thrown down – that ancient snake called the devil, or Satan, who leads the whole world astray.  He fell to the earth, and his angels with him. 

Then I heard a loud voice in heaven say: ‘Now has come the salvation and the power and the kingdom of our God, and the authority of his Messiah.  For the adversary of our brothers and sisters, who accuses them before our God day and night, has been hurled down. 

They triumphed over him by the blood of the Lamb and by the word of their testimony; they did not love their lives so much as to shrink from death.  Therefore rejoice, you heavens and you who dwell in them! 

But woe to the earth and the sea, because the devil has come down to you.  And he is filled with fury, because he knows that his time is short.’"

Revelation 12:7-12 

"And he said to them, 'I saw Satan fall, like lightning from heaven.'"

Luke 10:18

Stocks slipped again today, and a rally attempt failed into the close. 

The Dollar continued to slip lower. 

 Gold and silver edged higher. 

We will be getting the September Non-Farm Payrolls report for September on Friday.

Since this is often an occasion for a bear raid on the metals, those who do their daily prediction for a decline in the precious metals might get lucky.

It should be noted that all Non-Farm Payroll reports are created equal.   Or more precisely, they may occur in different contexts.

All in all, precious metals are in a bull market that remains unbroken.

While they often move in a contrary manner, this does not mean that the Dollar must also decline.  Sometimes they move in unison.  

But because most people in the US are referring to the price of gold in Dollars, this inverse correlation may often hold true for that currency.

I am posting a little early today because I have an appointment at 4 PM.

If anything of note happens I might update the charts.

Have a pleasant evening.

Stocks and Precious Metals Charts - It's the Shenanigans, Captain Obvious

 

"Selfishness is not living as one wishes to live, it is asking others to live as one wishes.”

Oscar Wilde 

 

 “The world says: 'You have needs — satisfy them.  Don't hesitate to satisfy your needs; indeed, expand your needs and demand more.'  This is the worldly doctrine of today.  And they believe that this is freedom.  The result for the rich is isolation and suicide, for the poor, envy and murder.” 

Fyodor Dostoyevsky

 

 “Man has places in his heart which do not yet exist— and into them enters suffering, in order that they may have life.” 

Léon Bloy

 

“Blessed is the servant who loves his brothers and sisters as much when they are sick and useless, as when they are well and of service to him.  And blessed is he who loves his brothers and sisters as well when they are far off, as when they are by their side, and who would say nothing behind their back that he might not, in love, say before their face. 

Keep a clear eye toward life's end.  And remember that when you leave this earth, you can take nothing that you have received, but only what you have given.” 

Francis of Assisi

 

Stocks were in risk on today, with financials and big cap techs especially leading the way higher. 

Gold and silver also rallied, as the dollar moved lower. 

Let's see if gold and silver can continue to rally in this post comex options expiration market. 

Eighteen Revelations From a Trove of Trump Tax Records

Have a pleasant evening. 

Stocks and Precious Metals Charts - Bounce or Bottom?

 

"The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a revival, but finally giving up in the final collapse."

Charles Kindelberger, Manias, Panics, and Crashes: A History of Financial Crises


"The sense of responsibility in the financial community for the community as a whole is not small.  It is nearly nil.  Perhaps this is inherent.  In a community where the primary concern is making money, one of the necessary rules is to live and let live.  To speak out against madness may be to ruin those who have succumbed to it.  So the wise in Wall Street [and in the professional and credentialed class] are nearly always silent."

John Kenneth Galbraith, The Great Crash of 1929

 

Stocks had a decent bounce off their retest of their Fibonacci support level. 

We will have to see follow through, or not, to determine if this is just a counter trend bounce or a legitimate short term bottom.

Gold and silver were slightly lower.  I was expecting something like this, but more profound, as a final cleaning up on the longs who are hold October contracts.

The Dollar edged marginally higher.

Let's see what next week brings.

Have a pleasant weekend.