Stocks and Precious Metals Charts - Chili Today. Hot Tamale? - 3Q GDP Number Tomorrow

 

"It is not possible to found a lasting power upon injustice, perjury, and treachery.  These may, perhaps, succeed at first, and limp along on hope for awhile with a flourishing appearance.  But time betrays their weakness, and they eventually fall into ruin of their own designs."

Demosthenes 

 

"Every century is like every other, and to those who live in it seems worse than all times before it." 

John Henry Newman

 

"Foolishness has a knack of getting its way; as we should see if we were not always so much wrapped up in ourselves.  In this respect our townsfolk were like everybody else, wrapped up in themselves; they did not believe in plagues." 

Albert Camus 

 

Reality surfaced once again today, and took the bloated speculative values of some financial assets down in its wake.

Stocks were hammered, going out near the lows.  This was the broadest equity selloff since March.

The purported impetus for this action is the re-imposition of lockdowns and other social measures in Europe to control the resurgence of the coronavirus.

The fear is, of course, that such a thing could occur in the US, despite the recent assurances from the White House that victory over the virus has been achieved. 

Gold and especially silver were hit fairly hard.  

The dollar gained back some ground in the DX index, as a result of weakness in its biggest counter-component the euro.

There was a minor option expiration for the Nov gold contracts on the Comex yesterday.

The levels of physical gold available for demand in Hong Kong in the Comex sanctioned warehouses remains dismal with incremental physical gold going out as quickly as it comes in.  Hmmmm..

 We are likely to get a big positive number for US GDP tomorrow morning.

Let's see how the Street plays it.

That may tell us quite a bit about where we are in this.

Have a pleasant evening.

 

 

Stocks and Precious Metals Charts - A Gasp of Habitual Dip-Buying

"Only the humble believe in Him and rejoice that God is so free and so marvelous that He does wonders where people despair, that He takes what is little and lowly and makes it marvelous.  And that is the wonder of all wonders, that God loves the lowly.  God is not ashamed of the lowliness of human beings.   God marches right in.  He chooses people as his instruments and performs his wonders where one would least expect them.  God is near to lowliness;  He loves the lost, the neglected, the unseemly, the excluded, the weak, and the broken. 

 In the Incarnation the whole human race recovers the dignity of the image of God.  Thereafter, any attack, even on the least of men, is an attack on Christ, who took on the form of man, and in his own Person restored the image of God in all.  Through our relationship with the Incarnation, we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our solidarity with all mankind." 

Dietrich Bonhoeffer 

 

"The things that we love tell us what we are." 

Thomas Aquinas

 

"He has shown you what is good.  The Lord requires you to act justly, and to love kindness and mercy, and to walk humbly with your God." 

 Micah 6:8

 

Interesting if somewhat sleepy day in the markets.

The VIX was higher, along with gold and silver.

The Dollar was pretty much unchanged.

Big cap techs were in vogue, with the NDX gaining. 

But the rest of the stocks were off a bit in aggregate.

The election is drawing near in the US.  And that means an end to slimy political ads. Yay.

Have a pleasant evening.

Stocks and Precious Metals Charts - Delusion in the Domain of Pride

 

Uncle Thug

"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.  Do not associate with 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 

 

 "Let no one deceive you with empty arguments, for because of these things the wrath of God is coming upon the followers of lawlessness.   Do not be associated with them. For once you were in darkness, but now you are in the light of the Lord, so walk as the children of light, for light is found in every kind of goodness and righteousness and truth.  Try to learn what is pleasing to the Lord.  Take no part in the worthless acts of darkness; but rather expose them.  It is shameful even speak of those things done by them in secret, but everything that is exposed by the light will become known." 

Ephesians 5:6-12 

 

"The wealth of another region excites their greed; and if it is weak, their lust for power as well. Nothing from the rising to the setting of the sun is enough for them. Among all others only they are compelled to attack the poor as well as the rich. Plunder, rape, and murder they falsely call empire; and where they make a desert, they call it peace." 

Tacitus

 

On Friday I asked rhetorically, 'where is the risk in these markets?'

And here it was today.

Stocks flopped fairly hard from the open, and lost ground for most of the day.

Some determined dip buying brought them back off the lows of the day.

The VIX, a measure of volatility, raised its head quite sharply above its 200 DMA, which had marked its upper bound in a trading range for some time.

The Dollar and gold fared reasonably well as safe havens. Silver not as much.

Denial and delusion is quite prevalent in many circles.

This is as old as Babylon, and evil as sin.   It is the power of the darkness of the world, and of spiritual wickedness in high places.  The difference is that it is not happening in some other place, or in a book, or as forewarned in some vaguely distant prophecy— it is happening here and now.

People will come back to their sense, but slowly, and one at a time.

Have a pleasant evening.

Stocks and Precious Metals Charts - These Violent Delights

 

"The world is ours, we are its lords, and ours it shall remain. As for the host of labor, it has been in the dirt since history began, and I read history aright. And in the dirt it shall remain so long as I and mine and those that come after us have the power. There is the word.  It is the king of words— Power.  Not God, not Mammon, but Power.  Pour it over your tongue till it tingles with it.  Power.”

 Jack London, The Iron Heel 

 

 "No one can serve two masters, for he will hate the one and love the other, or he will be devoted to the one, and be neglectful of the other; and so you cannot serve both God and Mammon." 

Matt 6:24 

"These violent delights have violent ends And in their triumph die, like fire and powder, Which, as they kiss, consume."

William Shakespeare,  Romeo and Juliet

 

Stocks had another ranging day, from the highs to the lows, managing to finish up nearly unchanged.

 Gold, silver, and The  Dollar edged slightly lower.

The VIX was lower.

Where's the risk?   Not reflected in the markets it appears.

Have a pleasant weekend.