Stocks and Precious Metal Charts - Trading Antics of the Usual Suspects - Gold Futures 50% Rally Leg Retracement

 

Gold and silver got hit today. 

The reason that was spread around on the wire service that this was because of optimism of an economic recovery because of the covid vaccine was funny.

Especially in light of the reaction of the equity markets and VIX.

So gold fell intraday to a low that was almost exactly 50% retracement of the recent rally off bottom.

And settled around 38.2% on the close.

This is what I like to call a 'technical trade.' 

Big cap tech got hammered.

The Doordash IPO came in and soared on the first trade. 

As I had noted previously, this is going to be light holiday trading dominated by the antics of a few major players. 

After their recent record near billion dollar fine for manipulating the precious metal and bond markets I wonder if JPM is laying back on these obvious trading antics. 

Well, there are others ready with the will and the means to take the lead.

Funny how little conversation there is these days about monopolies, cartels, and the crying need for regulatory reform, other than to demolish it.

Mission accomplished by the audacious oligarchy.

We had about 1/2" of snow today, but the public seemed to take it in stride.

As for all the rest of it, it is shocking how easily people can fall prey to those who have no honor or scruples, especially when it comes to money and power.

Truly, men go mad in herds, but come back to their senses slowly, and one at a time.

Have a pleasant evening. 

 

Stocks and Precious Metals Charts - Holding the Line

The Dollar managed to scrape a little rally together today, but failed again to take back the 91 handle.

VIX dropped.

Stocks were rallying, in somewhat lackluster action.

Gold and silver managed to hold their recent gains.

Trading will be growing increasingly quiet and 'technical' from now until the year end unless something dramatic, and most likely exogenous, happens.

With the election settled and a viable vaccine on delivery now two major risk factors seem to have been dampened down.

We are expecting *maybe* one-half inch of snow tomorrow in the NYC area.

Time to raid the grocery store for bread and milk.    

Have a pleasant evening.

Stocks and Precious Metals Charts - Metals Rebound from the Recent Price Suppression

 

"Show me your ways, O Lord, and teach me your paths. Lead me in your truth, and teach me: for you are the God of my salvation; and I wait for you all the day. Remember, O Lord, your tender mercies and loving kindness, as they have ever been of old." 

Psalm 25:4-6 

 

"Rejoice in the Lord always; and again I will say, rejoice; show patience and consideration to all, for the Lord is always near. Let nothing make you anxious; but with prayer, and by supplication, and with thanksgiving, let your needs be made known unto God; and the peace of the Lord, which surpasses all understanding, will guard your hearts and your minds, in Christ Jesus." 

Philippians 4:4-7 

 

"Those who trust in him will understand the truth, those who are faithful will live with him forever, in love; for grace and mercy await those whom he has chosen." 

Wisdom 3:9

 

Gold and silver popped today, after the recent drubbing that the wiseguys were handing out in observance of the Comex metals option expiration and the Non-Farm Payrolls report. 

I was particularly glad to see this, as I came into this morning very heavy in the minters of gold and silver, by far my biggest position in them this year.  I believe I mentioned this buying last week.

I did trim them back as gold hit the overhead resistance of the bullish trend.   Now I will  feel more comfortable in holding them.   I am in the established dividend paying names.   Maybe I will look at the lottery ticket juniors later on if this continues.

Stocks were trading a bit heavily today, weighed upon by the threat of hard Brexit and the surging cases of Covid-19.

Let's see how the rest of this week goes.  This is a seasonally favorable period for metals and stocks.  But we might see some sector rotation and profit-taking particularly in the high flyers that are up 40+% on the year.

Have a pleasant evening.

Stocks and Precious Metals Charts - Winter Is Coming

 

“In the middle of winter, I finally learned that there was an invincible summer within me.” 

Albert Camus 

 

“You felt secure in your wickedness.  ‘No one sees what I do,’ you think.  But your ‘wisdom’ and ‘knowledge’ have led you astray.  And you so believe that, ‘I am the only one, and no one else matters.’ 

Disaster will overtake you, and you won’t be able to charm it away.  Misfortune will descend upon you, and you won’t be able to buy your way out.  A catastrophe will strike you suddenly, one for which you cannot prepare." 

Isaiah 47:10-11

 

"Nemesis, the goddess of retribution and vengeance, the punisher of pride and hubris, waits impatiently for her meeting with us." 

Chalmers Johnson

 

"There is a mysterious cycle in human events.  To some generations much is given.   Of other generations much is expected.  This generation of Americans has a rendezvous with destiny."

Franklin D. Roosevelt, 1936

 

The Non-Farm Payrolls number came in very light this morning.

Stocks rallied on expectations that there will therefore be more stimulus coming.

The Dollar rallied a few cents but failed to take back the 91 handle.

Gold and silver held their levels, which is not the usual case on NFP day.

Let's see what the next week brings.

Markets tend to be buoyant and quietly boosted in December.

 Have a pleasant weekend.