“One day, we will have to stand before the God of history. And we will talk in terms of things we've done. And its seems to me that I can hear the God of history saying, 'That was not enough. For I was hungry, and you fed me not. I was naked, and you clothed me not. I was devoid of a decent sanitary house to live in, and you provided no shelter for me. And consequently, you cannot enter the kingdom of greatness.'" Martin Luther King
Stocks were pushed higher for much of the day.
The GM IPO was announced and stocks faded into the close losing even more ground after the 4 PM cash trade cutoff. As you know the futures trade until 4:15 PM.
It is too soon to attribute anything to this one way or the other, except for another failure at the test of overhead resistance, but no breakdown below key support and the key Pivot.
SP 500
NDX 
SP 500
Goal line defense at that pivot point, but they were unable to break it out above overhead resistance today, even on light volumes.
Come on boys, let's get that GM IPO rolling (even though Goldman poisoned the well for the underwriters by low balling the fee)
Gold
Let's get ready to rumble.
Silver
A Massive Ascending Triangle is building energy for what may be an explosive breakout.
Examples of Ascending Triangles 
A little competition is just what the COMEX and LBMA need.
Wouldn't it be sweet if some master-of-the-universe trader caught rigging the markets and violating the rules were to find himself on the receiving end of an old-fashioned caning?
Let's see how the arbitrage develops, because you know it will. I wonder how transparent and liquid this exchange will be. It is certainly in an advantageous location.
Bloomberg
Singapore Mercantile Exchange to Start Gold, Energy Futures Trade Aug. 31
By Christian Schmollinger
Aug 17, 2010
Singapore Mercantile Exchange (SMX) will begin live trading operations on Aug. 31, offering both gold and energy contracts, according to an e-mailed statement.
The exchange will offer futures for gold physically delivered in the island city-state, Brent oil denominated in euros and financially settled West Texas Intermediate crude, the statement said. The bourse also plans euro-dollar futures.
“SMX’s launch is a step in the right direction as we leverage off Singapore’s unique position as a premier financial and commercial hub in the region,” Thomas McMahon, the exchange’s chief executive officer, said in the statement. “The launch will provide market players in Asia the flexibility to trade products generic to regional trade flows within the Asian business day.”
The Singapore Mercantile Exchange is backed by Financial Technologies (India) Ltd., which operates the largest commodity bourse in India. Other commodity exchanges in Asia include Singapore Commodity Exchange and projects in China, Tokyo and Dubai.
