Stocks and Precious Metals Charts - This Attractive But Deceitful World - From Hysteria to Delusion

 

"Narcissists are unstable and go through repeated cycles of self-destruction, with other people usually paying the heft of the price.  Narcissists tend to be divisive, vindictive, confrontational, aggressive, hate-filled, raging, incoherent, judgment-impaired, and irrational." 

Sam Vaknin 

 

"Federal policy is increasingly dictated by the wealthy, by the financial sector, and by powerful (though sometimes badly mismanaged) industries.   These policies are implemented and praised by these groups’ willing servants, namely the increasingly bought-and-paid-for leadership of America’s political parties, academia, and lobbying industry.   

If allowed to continue, this process will turn the United States into a declining, unfair society with an impoverished, angry, uneducated population under the control of a small, ultrawealthy elite.  Such a society would be not only immoral but also eventually unstable, dangerously ripe for religious and political extremism." 

Charles Ferguson, Predator Nation, 2012 

 

“The mob believes everything it is told, provided only that it be repeated over and over. Provided too that its passions, hatreds, fears are catered to. The grosser, the bigger, the cruder the lie, the more readily is it believed and followed. The mob has no memory; needless to pretend to any truth: the mob is radically incapable of perceiving it: the mob can never comprehend that its own interests are what is at stake.” 

Alexandre Koyré, Réflexions sur le Mensonge

 

“Corrupt citizens breed corrupt rulers, and it is the mob who finally decides when virtue shall die.” 

Taylor Caldwell, Dear and Glorious Physician

 

Maybe not so much corrupt in the common sense, but selfish, lacking empathy, and willfully delusional.

The Fed gave the equity  markets the sugar-coated message they wanted to hear, and it was artfully done.

And so stocks went on a tear to the upside,with new highs on most of the major indices.

Of note was the strength in the Russell 2000, and the resurgence in the big cap tech sled dogs.

Gold and silver were smacked down early and hard.

If you are trading on momentum and leverage, you probably got blown out of your positions.

But by the end of the day silver was back in the green, and gold had recovered much of its decline, to finish back up near the trading channel it has been climbing.

The dollar slipped off the 94 handle.

I think we are firmly in the delusional stage of the asset bubble now, especially if one considers the NFT and crypto, meme stock and IPO phenomena. 

The irrational mask and vaccine antipathy are sign of hysteria, and the mass persuasion of the not so hidden persuaders of the oligarchs, who are operating on longer term agendas of their own.

Non-Farm Payrolls on Friday.

Hubris is strong, nemesis awaits. 

The madness serves none but itself.

Have a pleasant evening.

  

Stocks and Precious Metals Charts - Election Day - FOMC Tomorrow, NFP on Friday

 

"This is the contempt in which they hold the majority of American people and the political process: the common people are easily led fools, and everyone else who is smart enough to know better has their price.   And they would beggar every middle class voter in the US before they will voluntarily give up one dime of their ill gotten gains." 

Simon Johnson, The Quiet Coup, May 2009

 

"Remember that there will be trying times in the last days. For people will love only themselves and their money. They will be boastful and proud, scoffing at God, dishonoring their parents, and ungrateful. To them nothing is sacred. They will be unloving and unforgiving; they will slander others and have no self-control. They will be cruel and despise what is good. They will betray their friends, be reckless and proud, and love pleasures of the world more than God. They may talk like they are religious, but they will reject the power that could make them godly. Shun them." 

2 Timothy 3:1-5 

 

"And so Jesus gave us a new norm of greatness. If you want to be important—wonderful. If you want to be recognized—wonderful. If you want to be great—wonderful. But recognize that he who is greatest among you shall be your servant. That's a new definition of greatness. And this morning, the thing that I like about it: by giving that definition of greatness, it means that everybody can be great, because everybody can serve."

Martin Luther King, The Drum Major Instinct

 

"Non serviam."

Lucifer

 

Serve whom you will, but know who it is that you serve— for that is what you love.

Stocks were reaching for new highs today, with the Russell just clearing the bar with the help of Avis, which had a spectacular one day increase.

Stocks are trading like beanie babies-- or crypto currencies, or Non-Fungible Tokens (NFT).

Gold and silver were off a bit.

The Dollar took back the 94 handle.

FOMC tomorrow.  

They will probably not do anything directly but their words and intentions may move markets.

Non-Fungible Payroll numbers on Friday.

There is a great deal of volatility under the seemingly calm surface of the major stock indices.

Have a pleasant evening.

Stocks and Precious Metals Charts - A Reckoning Overdue

 

"The only vice that cannot be forgiven is hypocrisy. The repentance of a hypocrite is itself hypocrisy." 

William Hazlitt 

 

"Not everyone who calls out to me, 'Lord! Lord!' will enter the Kingdom of Heaven, but only those who actually do the will of my Father in heaven." 

Matt 7:21 

 

"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." 

Matthew 6:24 

 

"Do you think he is so unskilful in his craft, as to ask you openly and plainly to join him in his warfare against the Truth?  No; he offers you baits to tempt you.  He promises you civil liberty; he promises you equality; he promises you trade and wealth; he promises you a remission of taxes; he promises you reform.  

This is the way in which he conceals from you the kind of work to which he is putting you; he tempts you to rail against your rulers and superiors; he does so himself, and induces you to imitate him; or he promises you illumination, he offers you knowledge, science, philosophy, enlargement of mind. He scoffs at times gone by; he scoffs at every institution which reveres them. He prompts you what to say, and then listens to you, and praises you, and encourages you.  He bids you mount aloft.  He shows you how to become as gods. 

 Then he laughs and jokes with you, and gets intimate with you; he takes your hand, and gets his fingers between yours, and grasps them, and then you are his." 

J.H.Newman, The Times of Anti-Christ, 1890 

 

Stocks had some broader appeal in the Russell 2000 for example, which is often an indication of a rotation into cyclicals.

The strength shown in the recovery of the SP 500 and NDX  in the afternoon trade to about unchanged was very narrow indeed, and largely due to a bubble in the valuation of Tesla.

Gold and silver rallied back a bit, while the Dollar fell off the 94 handle.

There will be an FOMC decision this week on Wednesday, and the Non-Farm Payrolls report for October on Friday.

Have a pleasant evening.

 

 

Stocks and Precious Metals Charts - Risk On! - Here At the Quiet Limit of the World

 

“The world says: 'You have needs— satisfy them.  You have as much right as the rich and the mighty. 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, The Brothers Karamazov

 

"It is always the soul that dies first, even if it's departure goes unnoticed.  And it always carries the body along with it.  Man is nourished by the invisible, man is nourished by that which is beyond the personal.  He dies from preferring the opposite." 

Jacques Lusseyran, Poetry at Buchenwald

 

"We who lived in concentration camps can remember the men who walked through the huts comforting others, giving away their last piece of bread.  They may have been few in number, but they offer sufficient proof that everything can be taken from a man but one thing: the last of the human freedoms — to choose one's attitude in any given set of circumstances, to choose one's own way." 

Victor Frankl, Man's Search for Meaning

 

Stock had a risk on rally today, and went out at the highs for the day.

The VIX fell on the good feelings of bullishness.

The Dollar also rallied hard, taking back the 94 handle.

Gold and silver got clocked hard, but gained back only a little.

The physical gold stocks in Hong Kong continue to look like a case of robbing Peter to pay Paul.

Autumn has arrived in force now, with deep chills overnight.

Have a pleasant weekend.