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While this certainly could turn into something more profound, so far it is well within parameters of a pullback.
Watch the action on Monday and Tuesday in particular. The bulls will be edgy ahead of ADP on Wednesday, the Fed Beige Book, and especially the Non-Farm Payrolls report. But it is a very full week with the national ISM data coming out as well.
If we get a market break you will see it more clearly by looking at the trends on the daily charts.
If we do not, then proceed with caution, and tend to ignore any jawboning.
Intraday commentary here.
Gold and silver were hit by the usual contrived selling today as I suggested they might be, since this is what they do on Fridays.
The total open interest for gold on the Comex is fallen shockingly low. I am wondering if everyone but the rats are leaving that ship.
And it was the end of month to boot, so the funds and Banks needed to polish up the mark to market on those big short positions.
There is far too much concentration of market power in too few hands. The regulators are somewhat deficient, the privileged go along to get along, and the sworn representatives of the public interest are busy gettin' paid. It's the times. Hard times for most.
So what next. Since next week is non-farm payrolls, we should hear a bunch of nonsense about the Fed 'tapering' and concerns that the economic news will be 'too good.'
I will like to see what the wiseguys do with stocks on rally Tuesday.
I do not think the metals gimmickry will end until these jokers hit the wall. And that means a serious scandal and/or a failure to deliver in gold and silver.
They really don't know what else to do, and they are consoling themselves with looting the markets overall in the meanwhile. Summer homes in the Hamptons are de rigeur, and pricey.
So let's see what happens, and how this plays out. I suspect 'not well' is in the forecasting range.
Have a pleasant weekend.
There will be quite a bit of economic data coming out next week, including the Non-Farm Payrolls on Friday.
Stocks have had a major run higher, a record 100 days up, without a significant correction.
Today was the end of month. Profit-taking ahead of a big economic news week was probable.
I will like to see what they do on 'rally Tuesday.'
Although it may not mean much I own no stocks at this point. I am not short. I am watchful.
Economic Storm Clouds Ahead - Reich
As you know I said yesterday that Fridays are the days on which they smack the metals.
And on Tuesdays they ramp stocks.
And so on, and so on.
No wonder the BRICs are so upset. No wonder the rest of the world is appalled.
This is not price discovery.
This is mere anarchy. This is a broad menu of corruption. This is moral hazard.
This is institutionalized fraud.
Overcome by greed, they have no shame. And their pride knows no bounds.
They do not even bother with pretense any more.
I think we all know how this is going to end.
