SP 500 and NDX Futures Daily Charts - Wobbling 'Confidence' Game

US stocks were giving up some of the recent gains today, which is no real surprise.

The advance of the last few days has been remarkably 'technical,' with no real participation from large institutional buyers.

Some have characterized it as 'retail buying' but from my vantage it looked more like manipulative algo buying, with some of the usual punting on the side. Wall Street wishes that mom and pop would come in and buy their dodgy paper yet again. Unfortunately mom and pop and their house account are in intensive care from the last four or five cons that the financial sector has run on them.

The Philly Fed this morning shows contraction again, for the sixth straight month I believe.

We are not just being badly served by well-intentioned but misinformed people. That is the 'Greenspan Defense.'

No, it is more of the self-serving and self-enriching actions of an effete group of prideful plutocrats and their willing servants. They succumbed to the principle that 'greed is good' and now are caught in a credibility trap of their own making and consequences.

And like the amoral narcissists and pampered and privileged clerks that they really are, they are mightily looking for someone else to pick up the tab for their dalliances on the dark side of their own self-serving delusions.

The peasants sense that something is wrong, and that they are being lied to on a systematic basis. And they are rejecting the usual brands being offered up by the corporate cliques for their presidential choices.

Is there anything in all of this that is not yet clear? There is no hope without real change.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Gold Shows Some Resilience

Gold and silver were hit early in the overnight, and there was some obvious quote stuffing and other gimmicks in the gold futures to take the price lower. Don't take my word for it, it was Nanex that printed this and showed the data.

And gold once again would not be denied, and held the 1200 level and then some.

Let's see how we keep going in this potential chart formation.

Silver is lagging a bit here, which makes some sense because this is still a 'safe haven' trade despite what Goldman might say about anything.

And as you know, if things continue as they are, I do expect a 'dislocation' in the physical gold market, probably later this year.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Goldman Says 'No Fear' and Market Listens

Stocks were in rally mode today and the release of the Fed minutes was no impediment as they held their gains into the close.

This looks very much like a technical, 'short squeeze' rally, which is somewhat narrow in scope and with declining or flat volume as the indices push higher.

I am getting a desire to buy some volatility again around here, but perhaps I will wait to see what happens tomorrow.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Goldman Says Have No Fear and Buy Our Paper

Goldman analyst Jeffrey Currie came out this morning with a 'sell gold' recommendation for Ma and Pa Muppet.

I was fortunate enough to hear his explanation for this in his own words on Bloomberg TV, which had touted his gold call about every fifteen minutes all day.

The net summary of Mr. Currie's forecast is that Goldman's economists think that there ought to be no fear in the financial paper markets, since there is an historically low chance of a recession, less than fifteen percent, and he sees no real possibility of negative interest rates.

Therefore, since in his mind gold is strictly a 'fear trade' and since Goldman says to have no fear one ought to therefore sell gold.

Do with that what you will.

As for my own forecasts, I see the world economy fraying substantially throughout the year, with the domestic risk of inflation unusually high relatively speaking, and the geopolitical risks to be also rather elevated.

But at the end of the day, gold is now trading as a currency, and Uncle Buck was on a no fear tear this morning.   And no matter what Mr. Currie may be saying, I am watching what Asia is doing.

So far so good on the charts as noted below.

It may be a bit of time before one might determine whether the lip of the cup is straight horizontal or slanted IF the chart continues to develop.

There was very little action at The Bucket Shop on the PM delivery front, and some silver was shoved around the plate and taken out of the warehouses.   Not much happened in other words.  What a surprise.  The Bucket Shop is a monumental mausoleum for what has gone wrong in the US markets.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Risk On, Buy the Dip Technical Trade

Stocks were in rally mode today after some recovery in the rest of the world while the US was on holiday.

Stocks have risen back to the 'dead cat bounce' level of overheard resistance from former formations and support.

Wall Street was out thumping dodgy financial paper today.  I am sure that will prove to be a sound investment for Ma and Pa Muppet.

The economic news this morning was very poor.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

The gold/silver ratio is historically rather high at 78.5.