SP 500 and NDX Futures Daily Charts - Apple Mixed, Waiting For the Fed

After the bell AAPL was mostly in-line with some good news and some not so good news.  The stock was fluttering the last time I looked.

Twitter missed on users and guided lower and revenue, and the stock was being spanked down about 10+ percent, but the Jack Dorsay effect has the carnies pounding the table with hopefulness, especially with the price of the stock down.

Not that anyone cares about such mundane things, but the real economy continues to flounder under the weight of policy errors by both the monetary and fiscal sides of the house.

Are they errors if they obtain their real objectives, and not those stated by the PR people for the one percent, the media?

FOMC tomorrow.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Nothing Really Happened - FOMC Rate Decision on Wednesday

It appears that a criminal case is being brought against a 'rogue trader' at Goldman Sachs who was caught obtaining confidential documents from a 'rogue central banker' at the NY Fed. Informed rumour has it that the defendants may condescend to plead guilty to a misdemeanor. Who says that crime doesn't pay?

Gold and silver pretty much did nothing today. Just a little back and forth chop.

I continue to watch the model of this retracement which I have posted to gauge what is going on.

There was little activity in the gold warehouses. More bullion was traded between the house accounts of Nova Scotia and JP Morgan. That seems to be the fashionable thing to do this month.

Perhaps something will be allowed to happen later this week.

FOMC rate decision on Wednesday.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Chilly Today, Apple Tomorrow - FOMC Rate Decision on Wednesday

Stock were largely unchanged after a fluttering day on very light volumes.

No major central bank announced a new stimulus initiative today, so stocks will have to wait for the Apple results tomorrow for an excuse to do something perhaps.

New housing sales came in very light for September.

Perhaps the trend towards higher prices against stagnant wages for most potential homebuyers has something to do with that.

Notice how nicely the bubble in median housing prices tracks the expansion of the Fed's balance sheet.

If only that stimulus was directed at median wages.  But that would empower the 99%.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - The Charge of the Light Brigade

Gold and silver were hit by paper contract selling this morning and the US dollar caught a bid higher.

The only delivery action in The Bucket Shop was another house to house account delivery of gold from Nova Scotia to JPM.

Someone who owned gold bullion in the Nova warehouse put it up for delivery.  I wonder who that could be.

The IMF seemed to relent on the hardline Anglo-American position and indicated this morning that there might be room in the next SDR recast for the Chinese remnimbi.

As I have mentioned before the wiseguys are trading commodities like currencies or stocks, almost fearlessly so.  And most likely in some indirect support or assurances of the dollar supremacy.

I suspect this will end badly, as most of these cockeyed policy initiatives cooked up in the thin intellectual air of the central Banks most willful bureaucracies tend to do.

And they always seem to find some cat's paw to become the patsy for the results, if required.

"Forward, the Light Brigade!"
Was there a man dismayed?
Not though the soldier knew
Someone had blundered.

Theirs not to make reply,
Theirs not to reason why,
Theirs but to do and die:
Into the Valley of Death
Rode the six hundred.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Smoke Gets In Your Eyes

Stocks were off to the races this morning with the sixth Chinese rate cut this year.  This is of course in addition to the recent suggestion by Draghi of the ECB that they intend to do something in December.

Techs were leading the way higher on the back of the results turned in by Alphabet and Amazon.

The central banks are declaring their willingness to print money and pursue accommodative policies until business picks up momentum.

They may beat this policy error business into the ground.

I doubt they will be satisfied until they have caused another financial crisis.

So be it.

Have a pleasant weekend.

Gold Daily and Silver Weekly Charts - It Was All About Stimulus and a Weaker Euro

Gold could not seem to rally today, although silver caught a little upside action, and stocks in general were going crazy to the upside, particularly in the futures after the bell thanks to the tech giants Aphabet (Google) and Amazon.

Although it may seem counter-intuitive that stocks were rallying hard on expectations of ECB stimulus and gold was not, in fact it makes sense because the Euro currency was hit rather hard by this, and King Dollar is essentially the reserve of the euro.

And I am sure you remember what a stronger dollar does to the price of gold, expressed in dollars.

The retracement scenario is still very active.

Yes, in the longer term a stronger dollar is bad for the 'real US economy.'

And in the short term, they do not care.   Time to cash in and make some more money off paper asset bubbles.

This is what modern finance does.

Have a pleasant evening.