SP 500 and NDX Futures Charts - Rally Around the Banks Boys

US equities rallied today for no particular reason, except perhaps that nothing 'bad' had happened over the holiday weekend.

Bubbles will give her Humphrey-Hawkins testimony tomorrow to the Congress.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds - Another Gold Withdrawal From Sprott

There was another redemption of gold from the Sprott Physical Gold Trust, of about 6,150 ounces, with a commensurate reduction in units since the last time I updated this chart near the end of June.

Gold Daily and Silver Weekly Charts - Poised on a Knife's Edge

The World Cup final is on Sunday, and the punters have Germany and Argentina as fairly even odds with a bit of an edge to the Germans.  I would call it pretty even, especially since it is only one game, and a typically low scoring one at that which can turn on a few events and an emotional tide.

Speaking of too close to call, gold and silver turned in a satisfactory week's performance, and are on the verge of breakouts.

We have been here before. Let's see if they can find firmer ground and sprint a little, or will we continue this slow slog through the marshlands of international monetary push and pull.

The metals bears have grown fairly complacent, and their talking trash is running high.  If gold and silver can break and run, it would be quite the change in trend and in sentiment.

I am holding a good sized gold position since the latest selling bottom, and am back into silver. My long term positions never change.

The World Cup will not be the only action in Brazil, as the BRICs will be having their annual meeting there next week.

See you Sunday evening.

SP 500 and NDX Futures Daily Charts - Pivotal Week Ahead - Mortgage Slump

As you can see on the charts we have symmetrical triangles on the big stock charts.

It looks like next week will be a pivotal week for US equities.

There will be more in the way of economics news and earnings, and I believe that Janet Yellen will be doing her Humphrey-Hawkins testimony.

 

There was some analysis today that most cash home purchases in the US can be attributed to buying by Wall Street and Chinese investors looking to expatriate their newly found wealth. 

 

Mortgage originations from Wells Fargo are show in the first chart below.

 

 And as you know I will be keeping an eye on some key international developments and other potential outliers.

I held off putting any straight up stock positions on, although the emotional side was itching to short the gross complacency.

 

 I'll wait for a clearer signal from the charts, and a bigger trend change perhaps.  One can become tired of these short term wash and rinse cycles.

Have a pleasant weekend.

 

 

 

 

Gold Daily and Silver Weekly Charts - Watch Silver

“The true soldier fights not because he hates what is in front of him, but because he loves what is behind him.”

G.K. Chesterton

The precious metals had an interesting pop this morning on equity weakness, but like most light volume sleepy days in Summer that did not last.

Gold had an interesting spike up to about 1344, but I am watching silver for any clues on which way the metals are heading, and so far silver is playing rope-a-dope on any pullbacks, hanging on to 21.

There was some movement in the silver warehouses, with CNT providing the flow.

If we do get any kind of metals breakout I think it will happen after the 16th towards the latter part of the month.

But it has been a long time coming if it does.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Stutter Step

Stocks dumped today then came back in the afternoon.  That is called a 'stutter step' in US football.

This is why I do not like to short a dull market, except in quick advantageous hits, widely interspersed.

We are in a symmetrical triangle on the NDX 100, and we will need to go with whatever way it breaks.  Don't ask me which way it will because I do not know. 

VIX ticked up today. Follow through is everything.

Eyes on late July.

Have a pleasant evening.