15 March 2016
14 March 2016
Gold Daily and Silver Weekly Charts - FOMC Announcement on Wednesday the 16th
Today was a lightly traded day, with plenty of antics as the markets wait for something to act on, and if not, then anything the Fed might have to say on Wednesday.
The US dollar was a little higher, and the precious metals moved a little lower in a fairly deliberate two step.
It was generally a 'snoozer' of a day.
Have a pleasant evening.
SP 500 and NDX Futures Daily Charts - Little Conviction in ZombieLand
Stocks drifted higher during much of this very low volume, sleepy day.
They gave up the best of their gains into the close.
This is a market that is 'marking time' for a catalyst, perhaps the FOMC meeting on Wednesday the 16th. There is little expectation that the Fed will do anything at this meeting, but traders want to hear what, if anything, new that they have to say.
Have a pleasant evening.
12 March 2016
The Woman Caught In Adultery: A Year of Mercy and Repentance
"I think we too are the people who, on the one hand, want to listen to Jesus, but on the other hand, at times, like to find a stick to beat others with, to condemn others. And Jesus has this message for us: mercy. I think — and I say it with humility — that this is the Lord's most powerful message: mercy.
We continue to be sinners for we are weak, but with this grace which makes us feel that the Lord is good, that the Lord is merciful, that the Lord waits for us, that the Lord pardons us—this immense grace changes our heart...
And here I wish to say to you: joy! Do not be men and women of sadness: a Christian can never be sad! Never give way to discouragement! Ours is not a joy born of having many possessions, but of having encountered a person, Jesus, in our midst.”
Francis I
"‘Woe to you, you hypocrites! You scrupulously observe the details, but neglect the more important spirit of His commandments – justice, mercy and faithfulness.
‘Woe to you, you hypocrites! You carefully perform the rituals, but inside you are full of greed and self-indulgence.
‘Woe to you, you hypocrites! You are like whitewashed tombs, which look beautiful on the outside, but on the inside are full of the bones of the dead and everything unclean. On the outside you appear righteous, but on the inside you are full of hypocrisy and wickedness.
‘You snakes, you brood of vipers.'"
Matt 23: 23-33
11 March 2016
Gold Daily and Silver Weekly Charts - Central Banks As Financial Cosmeticians
Today was just one of those days where the 'invisible hand' tries to instill some confidence in the wise and benevolent judgement of the money masters, after a central bank, in this case the ECB, does something very visible and 'lays an egg' in doing it.
So after all this today, are you feeling more confident in The Recovery™?
The chart formation in gold remains intact, but not activated or nullified as of yet.
There will be the March FOMC meeting next week.
Let's see what happens.
Have a pleasant weekend.
SP 500 and NDX Futures Daily Charts - 'Reconsidering' the ECB's Recent Action
According to the official spin, traders 'reconsidered' what the ECB did this week, and what Draghi had subsequently said, and gleefully cast off all doubts and concerns about risks and started buying equities.
Yes, I am sure that this is what happened.
Just as I am sure that all the lying, manipulating, and looting will also continue, until morale improves and confidence in our glorious central banks returns.
The SP futures were leading the charge higher, in a familiar pattern we tend to see whenever the Fed and the financial powers that be wish to instill confidence in their mighty judgements.
Next week we will have quite a bit more macroeconomic data as indicated in the advance chart below. There will aslo be the March FOMC meeting.
Will they or won't they?
Have a pleasant weekend.
10 March 2016
They Thought They Were Free
"You see," my colleague went on, "one doesn’t see exactly where or how to move. Believe me, this is true. Each act, each occasion, is worse than the last, but only a little worse. You wait for the next and the next. You wait for one great shocking occasion, thinking that others, when such a shock comes, will join with you in resisting somehow. You don’t want to act, or even talk, alone; you don’t want to ‘go out of your way to make trouble.’ Why not?—Well, you are not in the habit of doing it. And it is not just fear, fear of standing alone, that restrains you; it is also genuine uncertainty.
"Uncertainty is a very important factor, and, instead of decreasing as time goes on, it grows. Outside, in the streets, in the general community, ‘everyone’ is happy. One hears no protest, and certainly sees none. You know, in France or Italy there would be slogans against the government painted on walls and fences; in Germany, outside the great cities, perhaps, there is not even this. In the university community, in your own community, you speak privately to your colleagues, some of whom certainly feel as you do; but what do they say? They say, ‘It’s not so bad’ or ‘You’re seeing things’ or ‘You’re an alarmist.’
"And you are an alarmist. You are saying that this must lead to this, and you can’t prove it. These are the beginnings, yes; but how do you know for sure when you don’t know the end, and how do you know, or even surmise, the end? On the one hand, your enemies, the law, the regime, the Party, intimidate you. On the other, your colleagues pooh-pooh you as pessimistic or even neurotic. You are left with your close friends, who are, naturally, people who have always thought as you have.
"But your friends are fewer now. Some have drifted off somewhere or submerged themselves in their work. You no longer see as many as you did at meetings or gatherings. Informal groups become smaller; attendance drops off in little organizations, and the organizations themselves wither. Now, in small gatherings of your oldest friends, you feel that you are talking to yourselves, that you are isolated from the reality of things. This weakens your confidence still further and serves as a further deterrent to—to what? It is clearer all the time that, if you are going to do anything, you must make an occasion to do it, and then you are obviously a troublemaker. So you wait, and you wait.
"But the one great shocking occasion, when tens or hundreds or thousands will join with you, never comes. That’s the difficulty. If the last and worst act of the whole regime had come immediately after the first and smallest, thousands, yes, millions would have been sufficiently shocked—if, let us say, the gassing of the Jews in ’43 had come immediately after the ‘German Firm’ stickers on the windows of non-Jewish shops in ’33. But of course this isn’t the way it happens. In between come all the hundreds of little steps, some of them imperceptible, each of them preparing you not to be shocked by the next. Step C is not so much worse than Step B, and, if you did not make a stand at Step B, why should you at Step C? And so on to Step D.
"And one day, too late, your principles, if you were ever sensible of them, all rush in upon you. The burden of self-deception has grown too heavy, and some minor incident, in my case my little boy, hardly more than a baby, saying ‘Jewish swine,’ collapses it all at once, and you see that everything, everything, has changed and changed completely under your nose. The world you live in—your nation, your people—is not the world you were born in at all. The forms are all there, all untouched, all reassuring, the houses, the shops, the jobs, the mealtimes, the visits, the concerts, the cinema, the holidays. But the spirit, which you never noticed because you made the lifelong mistake of identifying it with the forms, is changed. Now you live in a world of hate and fear, and the people who hate and fear do not even know it themselves; when everyone is transformed, no one is transformed. Now you live in a system which rules without responsibility even to God. The system itself could not have intended this in the beginning, but in order to sustain itself it was compelled to go all the way.
"You have gone almost all the way yourself. Life is a continuing process, a flow, not a succession of acts and events at all. It has flowed to a new level, carrying you with it, without any effort on your part. On this new level you live, you have been living more comfortably every day, with new morals, new principles. You have accepted things you would not have accepted five years ago, a year ago, things that your father, even in Germany, could not have imagined.
"Suddenly it all comes down, all at once. You see what you are, what you have done, or, more accurately, what you haven’t done (for that was all that was required of most of us: that we do nothing). You remember those early meetings of your department in the university when, if one had stood, others would have stood, perhaps, but no one stood. A small matter, a matter of hiring this man or that, and you hired this one rather than that. You remember everything now, and your heart breaks. Too late. You are compromised beyond repair.
"What then? You must then shoot yourself. A few did. Or ‘adjust’ your principles. Many tried, and some, I suppose, succeeded; not I, however. Or learn to live the rest of your life with your shame. This last is the nearest there is, under the circumstances, to heroism: shame. Many Germans became this poor kind of hero, many more, I think, than the world knows or cares to know."
Milton Mayer, They Thought They Were Free: The Germans, 1933-45
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