SP 500 and NDX Futures Daily Charts - The Best of All Wall Street Worlds

The thunderstorms are booming outside, and I hope this breaks the heat which has been oppressive all day.  Whoops, we just lost power.  Luckily I have my PC and internet access routers/modem all on UPS.

Stocks staged a rally today after the Non-Farms Payrolls came in hot and heavy.

I spent several hours today plugging all the heavily revised BLS numbers into my excel spreadsheets.

The seasonality is nonsensical, but I have not finished plugging all the numbers and analyzing them yet.

I do suspect that they might try to 'smooth the way' for Hillary by goosing the economic numbers until at least November.   Today's number, with the prior revisions lower, makes a case for a rolling headline boost to make things look better than they are.  And the Fed may go along with the hope of squeezing out another 25 basis points of policy room for themselves.

Wall Street sees things rolling their way.  Jobs are coming so they can ignore the last few months.  Note that the last two months were revised lower still.

But the Fed is going to find it a hard go to raise rates with the rest of the world cutting, and engaging once again in competitive currency devaluations to support exports, in a 'beggar your neighbor' strategy.

And there comes the power back on.   I will try and post this before the next hit. lol

And finally it looks like it will be Hobson's choice for the corporate candidate of your choice.

Have a pleasant weekend.

Gold Daily and Silver Weekly Charts - Pause Ahead of the Non-Farm Payrolls - Winter Is Coming

"Every increase of knowledge may possibly render depravity more depraved, as well as it may increase the strength of virtue.

It is in itself only power; and its value depends on its application."

Sydney Smith

Let's see if the Non-Farm Payrolls Report tomorrow gives the Fed enough of a recovery fig-leaf to start talking about rate increases, and sufficient nudge for the market takers to shove the price of the precious metals around to catch any of the over-leveraged specs leaning in the wrong direction.

Except for the occasional exogenous news that moves markets, we are in the Summer doldrums where the market fakers and takers like to shove prices around to generate enough action to fuel the vig.

 It used to be ridiculously high commissions and the occasional frauds, but now it is pervasive insider trading and the soft corruption surrounding HFT and the exchanges that fuels the Jabba the Hutts of Wall Street and Washington.

So I wisely chose to spend a pleasant afternoon doing a thorough overhaul on our old Troybilt Pony rototiller on the driveway in the shade, and rewarded myself with an ice cold beer after it was done.   It has done us good service over the past twenty five years on both lawn and garden.  It really needed some careful attention, a few parts, and a bit of elbow grease.

Like most things in daily life really.  You choose quality and take good care of it, and it serves you well in the long run, from kits to chickens to investments.

It is very hot and humid here this week. But it was nice to get out and do a few chores, tidy up the yard, and feed the birds.  They are very vocal in their gratitude, and the birdsong makes the backyard seem very cheerful.  In a little while I will be taking the queen out for some light shopping.  What more could one ask for?

Support levels on the charts are important to watch here.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Holding Their Breath

Stocks were in a bit of a chop in edgy trading with eyes on the US non-farm payrolls report tomorrow.

Traders want to see if a good number will give the Fed cover to start making noise about raising rates at least another 25 bp this year.

As a reminder, the Fed wishes to raise rates to get off ZIRP far enough to have the latitude to cut rates later next year when their latest asset bubble starts to implodes in the continuing cycle of bubble-nomics.

Have a pleasant evening.

Relentless: Shanghai 138.5 Tonnes of Gold Withdrawn In June

"Three things cannot be long hidden: the sun, the moon, and the truth."

Buddha

There were 138.5 tonnes of gold taken from the Shanghai Gold Exchange in June.

This brings the first half of 2016 withdrawals to 973 tonnes.

Koos Jansen has written a very informative article with some interesting charts about these new Chinese gold demand numbers here.

He also examines an incorrect set of data about this from Nomura.

As a reminder, the US will be releasing its Non-Farm Payrolls Report For June tomorrow.

These charts are from Nick Laird at goldchartsrus.com.

Gold Daily and Silver Weekly Charts - PMs Looking Good With Peak Bonds and Dodgy Stocks

Gold was booming this morning, but as stocks turned around in a short squeeze gold gave back some of its early gains but still finished higher for the day, and a new high for the year.

I was out from late morning to late afternoon and so I missed the comments on the Fed minutes.  No great loss.

The warehouses were quiet yesterday.

Non-Farm payrolls on Friday.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Big Healthcare and Short Squeeze

Stocks sold off in Europe, and were selling off in the US in the early hours.

And then stocks turned around. I have heard several reasons for this. I think the most compelling is that the turnaround was led by the 'most shorted stocks.'

Healthcare sector picked up the ball and provided leadership to the upside after the initial short squeezing was dissipating.

Non-Farm Payrolls on Friday.

Have a pleasant evening.